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22 September 2021

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Tax fraud could be over 20 billion annually

Leicester TUSC supporters protesting outside Boots over tax avoidance, photo Leicester SP

Leicester TUSC supporters protesting outside Boots over tax avoidance, photo Leicester SP   (Click to enlarge)

The think tank Taxwatch estimates as much as 15.2 billion of UK tax lost in 2020 was from fraudulent activity - almost half of uncollected income.

They say this consisted of money lost from criminal attacks (5.2 billion), evasion (5.5 billion), hidden economy (3 billion) and avoidance (1.5 billion).

However, the think tank said some forms of fraud, such as profit shifting by multinational companies, is not included in HMRC's calculation, nor is fraud from Covid-19 support schemes. This means the amount of tax lost to fraud will be significantly more than the 15.2 billion identified. An estimate of at least 20 billion would not be "unreasonable".

Yet the government has increased taxation for ordinary working people to raise just 5.4 billion over three years in a vain attempt to 'fix' social care.

Dave Gorton, Chesterfield Socialist Party

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In The Socialist 22 September 2021:


What we think

Workers' politics won't come from Labour


News

Working class under attack

NHS workers reject 3% insult

Energy market chaos makes the case for nationalisation

Tory cuts to Universal Credit: we need a union fightback

Interview: Bakers' union to vote on Labour disaffiliation

Tax fraud could be over 20 billion annually

Life expectancy falls - a condemnation of capitalism


Feature

Socialists and the four-day week


Occupy

10 years since Occupy


Workplace news

End the teaching workload crisis

MOJ pay deal accepted - we demand 10%

Workers at 13 colleges to strike over pay

New strike dates in EMR guards dispute

Stop press: Sparks walk out

Oaks Park strikers call eleven days' more action


International

German general election


Campaigns

Unemployment, low pay, rip-off uni fees, climate change... Join the fight for Socialism

Yorkshire Youth Fight for Jobs relaunched

W Sussex 'disability tax' - protest not going away

Fighting evictions in Cornwall

Leeds taxi drivers and disabled passengers unite to fight station changes

Socialist Students: Youth lit up when they saw us

York: Non-binary and trans rights protest


Readers' opinion

TV Review - Help: Heart-wrenching portrayal of Covid care home crisis

Gleision mine deaths: Still fighting for justice

Corbyn had a social care plan

Who pays for the climate crisis?

Famine in Madagascar


 

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Related links:

Tax:

trianglePay NHS and care staff to address worker shortages

trianglePandora leaks put capitalism in the dock

triangleW Sussex 'disability tax' - protest not going away

triangleWorking class under attack

triangleTerry Fields MP, Prisoner DV 3695 - The jailing of 'poll tax' rebel and Militant

Economy:

triangleCamden Socialist Party: The economy - will inflation become a problem again?

triangleCapitalism's economic instability in the 'new normal'

triangleSocialists and the four-day week

triangleCumbria Socialist Party: Socialism - from Utopian to Scientific

Covid:

triangleTories to blame for GP crisis

triangleDVLA: Workers ballot on further strike action

triangleNews in brief

Article dated 22 September 2021

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