OXFAM: TAX CHEATS COST TREASURY £5BN

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Posted : 14 Mar 2016 at 16:30:43
Category: News

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A report by Oxfam estimates tax cheats have cost the Treasury £5bn in lost revenue

The charity believes more than £170bn owned by the wealthiest Britons is being held offshore in locations such as the Cayman Islands and Bermuda, costing the exchequer £5bn in lost taxes every year

Oxfam’s research also indicates the richest 1% of Britons, a group solely comprising of millionaires, have received more than a quarter of the £4trn increase in national wealth since 2000

In addition, it reveals men have benefited far more from tax cuts for top earners than women

Cutting the top rate from 50p to 45p four years ago helped 16% of women but 84% of men, the research suggests

Sources - Daily Mail, The Guardian, The Independent, Daily Mirror,

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