OXFAM: TAX CHEATS COST TREASURY £5BN

blog header image

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

Share this article

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,

LATEST SIMILAR NEWS

TSB GEARS UP FOR SELF-EMPLOYED MORTGAGE REVAMP
Posted on: 06 Nov 2019 at 13:35:57
TSB is “looking at a number of initiatives” to help more self-employed and contract workers to get on the housing ladder, Mortgage Solutions can reveal.The high street bank currently asks self-employed borrowers to provide income details for the last three years, ruling out the newly self-employed e...
HOUSE BUILDING IN A ‘DITCH’ WITH OTHER CONSTRUCTION SEGMENTS, SAYS CIPS
Posted on: 06 Nov 2019 at 11:20:01
UK house building is among the construction segments to have fallen into a “ditch” in October, the Chartered Institute of Procurement and Supply (CIPS) has said.The body’s monthly market index highlighted house building as among the worst-performing segments, alongside civil engineering and commerci...
STAFFORDSHIRE PUB DECORATED WITH GIANT POPPIES BY PATRIOTIC PUNTERS FOR REMEMBRANCE DAY
Posted on: 31 Oct 2019 at 15:25:53
The 28-year-old, who took over the pub in Kingsley Holt, Staffs, last year, painted poppies on the outsideA patriotic landlady swapped pints for paint brushes to decorate the outside of her boozer with giant poppies ahead of Remembrance Day.Pub landlord Danni Molloy decided to give The Blacksmith Ar...
BUSINESS URGES DELAY TO TAX CHANGES AFFECTING TEMPORARY WORKERS
Posted on: 31 Oct 2019 at 14:39:30
‘A third of companies who regularly use contractors are completely unaware of the upcoming IR35 reforms from April 2020, new research shows.’The taxation institute is calling for a 1 year delay given November Budget is cancelled, no legislation yet and a few other things going on. It’s a compelling...
ACCORD EXTENDS MAXIMUM MORTGAGE TERM TO 40 YEARS AND UPS AGE LIMIT
Posted on: 30 Oct 2019 at 13:36:16
Accord Mortgages is now offering a maximum term of 40 years and extending the age limit for applicants to 80 years old.The changes are in response to growing demand for mortgages which accommodate the evolving demands and demographics of homeowners and house buyers, the lender said. Data from t...
APPLE AIR POD PROS ARE HERE!!!
Posted on: 29 Oct 2019 at 15:03:07
Active Noise Cancellation for immersive sound.Transparency mode for hearing what’s happening around you.A customisable fit for all-day comfort.Magic like you’ve never heard.ComfortArrival of the fittest.We refined the details of comfort, creating a new class of in-...