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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/treasury-to-close-tax-loopholes.jpg"><img class="alignnone size-full" title="The Treasury has unveiled a raft of tax avoidance measures which are expected to raise over 2 billion pounds" src="http://londonglossy.com/wp-content/uploads/2010/12/min-treasury-to-close-tax-loopholes.jpg" alt="The Treasury has unveiled a raft of tax avoidance measures which are expected to raise over 2 billion pounds"/></a></p>
<p>The Treasury has unveiled a raft of tax avoidance measures which are expected to raise over £2 billion and protect a further £5 billion by 2015.</p>
<p>Exchequer Secretary David Gauke said the coalition is &#8220;fully committed&#8221; to tackling tax avoidance &#8211; a key pledge in the Liberal Democrats&#8217; general election manifesto.</p>
<p>In a written statement to MPs, Mr Gauke outlined a series of moves aimed at closing loopholes in income, corporate and value added tax.</p>
<p>With immediate effect, groups of companies will be banned from using intra-group loans or derivatives to reduce their corporation tax bill.</p>
<p>Ministers have also proposed to tackle firms who &#8220;artificially split&#8221; the supply of their services to reduce VAT.</p>
<p>And they plan to clamp down on &#8220;disguised remuneration&#8221; &#8211; company schemes used to reward employees which seek to avoid or defer the payment of income tax or National Insurance Contributions (NICs).</p>
<p>The Treasury has signalled that it will stop investment companies retrospectively changing the currency in which they prepare their accounts for tax purposes.</p>
<p>Inheritance tax has not escaped the crackdown, with ministers looking to close down avoidance schemes involving the use of trusts.</p>
<p>Mr Gauke said all new schemes involving the transfer of property into trust will be brought into the Disclosure of Tax Avoidance Schemes (DOTAS) regime next April.</p>
<p>He told MPs: &#8220;These measures take the necessary steps to protect the Exchequer, and maintain fairness for the taxpayer, whilst providing certainty for businesses whose investment will encourage the re-balancing of the economy and job creation.&#8221;</p>
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