Expected billion pounds fails to materialise
The UK’s tax authorities have found only a tiny fraction of the money they thought they would through a crackdown on tax evasion in the Crown Dependencies.
Three years ago, HMRC offered a disclosure facility to make it easier for people to come forward about money they’d hidden in the Isle of Man, Jersey and Guernsey.
At the time, the coalition government said it expected to find a billion pounds over five years – but so far it’s found just £13 million, and just £6 million of that comes from 180 people with accounts in the Isle of Man.
Treasury Minister Eddie Teare says both he and the finance sector raised eyebrows at teh amounts mentioned: