‘Shady’ tax dodging millionaires who stash their wealth offshore will face a government crackdown, Vince Cable* said today (24)

Tax havens such as Monaco and the Cayman Islands are simply ‘sunny places for shady people’ he said in his speech at the Liberal Democrat party conference.

The coalition will be ‘cracking down hard, not just on criminal tax evasion but on abusive tax avoidance’, he told the delegates.

Mr Cable wants to have agreements with tax haven countries to disclose the names of British domiciles who are sheltering their wealth abroad.

An agreement already exists with the European tax haven Liechtenstein.

Treasury secretary Danny Alexander yesterday revealed revenue and customs will expand a squad of tax inspectors to pore over the properties, savings and income of everyone whose home and assets are worth more than £1million.

If they think the owner is not paying enough tax, they will have the power to knock on their front door and demand they pay every penny due.

It means 200,000 more people will be targeted by the unit, set up to study the affairs of the 300,000 with assets and property of more than £2.5million.
For more on this story go to: http://www.metro.co.uk/news/912980-tax-taskforce-will-hunt-rich-targets-abroad#ixzz27OG1Oj84

* Vince Cable (John Vincent “Vince” Cable) is a British Liberal Democrat politician and economist who is currently the Business Secretary in the coalition cabinet of David Cameron. He has been Member of Parliament for Twickenham since 1997.