Chancellor of Exchequer George Osborne presented us with the Summer Budget today, voicing the Governments plans for the up and coming years, now we are in a new parliamentary term. Tax evasion, avoidance and aggressive Tax planning were all in the spotlight as Osborne promised to continue to fight against non-compliant Tax avoidance schemes as they have done meeting the target of £5 billion over the past year. “I turn now to combatting tax evasion, avoidance and aggressive tax planning. We’re boosting HMRC’s capacity with three quarters of a billion pounds of investment to go after tax fraud, offshore trusts and the businesses of the hidden economy, tripling the number of wealthy evaders they pursue for prosecution – raising £7.2 billion in extra tax. We’re going to change the law to stop the use of losses which abuse our controlled foreign companies regime, and make sure investment fund managers pay the full capital gains tax rate on their carried interest. We’ll stop corporates artificially increasing the value of stock for tax purposes, and to focus the employment allowance on employment – we’re restricting it so that companies where the director is the sole employee will no longer be able to claim. We’re consulting today on how to deal with the increasing abuse of the rules around disguised employment when working through a personal service company. And we’re going to add tough new penalties to our General Anti-Abuse Rule, and name and shame serial users of failed tax avoidance schemes. These people should have nowhere to hide.” – George Osborne 2015 Summer Budget TO VIEW THE FULL BUDGET SPEECH CLICK HERE