“Woefully inadequate”: George Osborne.

Only 11 prosecutions for offshore tax evasion since 2010?

Is that a failure – or was it the plan?

George Osborne’s efforts to chase wealthy tax avoiders are “woefully inadequate”, says an MPs’ report.

HM Revenue & Customs has failed to pursue and prosecute Britain’s super-rich who “hide their assets offshore”.

And its customer service is so poor it has “an adverse impact” on tax collection, the Public Accounts Committee blasted.

The Chancellor, in Berlin for EU reform talks, is in charge of the HMRC.

He said in his Summer Budget that tax avoiders should have “nowhere to hide”.

But MPs say the “number of criminal prosecutions for offshore tax evasion is still woefully inadequate”.

The Committee said it was “incredible” that there have been only 11 prosecutions for offshore tax evasion since 2010.

The tax gap, the sum the Treasury fails to collect, is noted at £34billion for 2012-13, though this figure does not include “aggressive tax avoidance schemes”.

Source: George Osborne’s tax crackdown on super-rich branded ‘woefully inadequate’ – Mirror Online

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