The UK government has finally pledged to expose how much money is lost through overseas tax evasion.
A huge £570bn is thought to be held by UK residents in tax havens, according to media reports.
HMRC faced criticism earlier this year after admitting they’d not attempted to estimate the extent of tax evasion by UK residents overseas.
The publication of the tax evasion figure – scheduled for next year – will be a big step in the right direction.
Once we know the extent of the revenue lost, we’ll have the ammunition to push for stricter rules and enforcement.
We need a fair tax system to support our public services, so that everyone benefits. Why should the super rich be allowed to stash their wealth abroad without paying their fair share?
We also need to make sure that HMRC is properly resourced to go after the money lost to tax havens.
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