Tax campaigners are warning that the government crusade against tax avoidance could risk being undermined by the repeal of a measure that forces multinational companies to inform HM Revenue & Customs when they move their money to offshore accounts. A Treasury announcement repealing section 765 of the Corporation Tax Act went unnoticed in the budget. As well as forcing companies to gain permission from the taxman before moving their money offshore, it allows tax investigators to ask the companies if moving their money out of the UK is to the Treasury's detriment, The Guardian reports. Revenue investigators have stated Section 765 is a very useful tool for helping to combat corporate tax avoidance, but it has been targeted by businesses and large accounting firms to be repealed for some time. Next week MPs will debate the proposal as part of the finance bill. The Liberal Democrat Treasury spokesman John Pugh, said: 'Section 765 has proved extremely useful in preventing tax avoidance, which [is] why the corporate sector has lobbied incessantly for its repeal. If the finance bill passes in its present form, the government will be surrendering a major weapon in the anti-avoidance arsenal and getting nothing in return. The tax avoidance industry will be partying in the streets.'