Giving his Autumn Statement speech to Parliament on Wednesday, Mr Osborne said that savings made by HMRC by reducing the number of its offices around the country and reducing the reliance on paper processing would be ploughed into targeting those who move their money overseas in order to avoid paying tax.
He said that the move would reap returns ten times as much as what was invested.
The Chancellor also said that there would be new penalties for those deemed to be evading tax as part of the UK government’s efforts to claw back £5 billion – a move that was announced in the Budget earlier this year.
The penalties include harsh financial payments for those found to be evading tax.
Senator Philip Ozouf, who has political responsibility for finance, said earlier this year that the measures announced in the Budget would not have a negative impact on Jersey, where tax evasion is illegal.
In the House of Commons yesterday, Mr Osborne said: ‘We are reinvesting some of those savings with an extra £800 million in the fight against tax evasion – an investment with a return of almost ten times in additional tax collected.
‘We said that £5 billion would come from the measures on tax avoidance, evasion and imbalances.
‘Those measures were announced at the Budget.
‘Today we go further with new penalties for the General Anti-Abuse Rule we introduced, action on disguised remuneration schemes and stamp duty avoidance, and we will stop abuse of the intangible fixed assets regime and capital allowances.’
