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Re: Just one in four support David Cameron over decision to spend billions on foriegn
Quote:
Originally Posted by Mr K
UK foreign aid budget £11bn, amount of tax lost through avoidance and non-payment £35bn. Some interested parties are trying to deflect attention from bigger issues.
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Here's that £34 billion broken down...
http://www.theweek.co.uk/62461/benef...ich-costs-more
Quote:
According to figures published by the government in October, the tax "gap" for 2013/2014 stood at £34bn, or 6.4 per cent. This is the shortfall between what is estimated by HMRC to be due in tax and what is actually collected.
This eye-watering figure includes as much as £14bn in uncollected income tax, national insurance and capital gains tax and £13.1bn in uncollected VAT.
It should be noted, however, that these estimates are based on a lot of assumptions about what was due in the first place and that deliberate and illegal evasion is only a small part of the problem. This was deemed to account for £4.4bn of the lost duties, while legal but dubious avoidance accounted for £2.7bn. The rest is spread across various issues such as duties not paid on smuggled goods, non-payment because of bankruptcy or hardship, or simple errors.
It's also only fair to note that the percentage uncollected each year is one of the lowest in the world, although some argue the HMRC figures underestimate the scale of the problem and the gap is more likely to be in the region of £120bn.
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