(International Investment) -- New tax avoidance measures aimed at tackling VAT fraud and closing offshore tax loopholes have now become law in the UK.
The Finance Act 2018, which includes these measures and has just received royal assent with HMRC predicting that it will help to raise an additional £1.2bn into UK coffers.
Mel Stride, financial secretary to the Treasury and Paymaster General said: “The UK’s tax gap is at a record low and one of the lowest in the world but we are not resting on our laurels.
“Today’s changes show our determination to ensure the tax system remains fair for the honest majority of people and businesses who pay the taxes they owe.”
The Treasury said that as a result of this new legislation:
The Treasury added in a statement announcing the rubber stamping of the bill that since 2010, the UK government has introduced over 100 such measures in this space, helping to “secure and protect” over £175bn in tax that would otherwise have gone unpaid.