Budget 2017 briefing: key measures at a glance

In our roundup of Budget 2017 essentials, we review the key tax measures announced in a slimline event, from £155m allocated to combat tax avoidance and evasion to HMRC adopting a points-based penalty system for late tax returns, digital companies face royalty tax, capital gains tax indexation allowance frozen

Extra £2bn for HMRC crackdown on tax losses

An extra £155m allocated by the Chancellor in extra resources to HMRC to combat tax avoidance and evasion is expected to raise £2bn in revenue, according to the Budget 2017’s costings.

A new taskforce will also be set up to specifically tackle tax debts more than nine months old. To achieve this, the government is investing an extra £155m. Moreover, HMRC will be given greater access to real-time information in its efforts to curtail tax avoidance and evasion.

In all, the use of real-time information is expected to generate £265m over the course of the parliament, made up of £85m in 2018-19, £75m in 2019-20, £65m in 2020-21 and £40m in 2021-22.

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Extra £2bn for HMRC crackdown on tax losses

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