{"id":327895,"date":"2011-03-21T22:00:21","date_gmt":"2011-03-21T22:00:21","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/21\/osborne-to-unveil-private-jet-tax\/"},"modified":"2011-03-21T22:00:21","modified_gmt":"2011-03-21T22:00:21","slug":"osborne-to-unveil-private-jet-tax","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/21\/osborne-to-unveil-private-jet-tax\/","title":{"rendered":"Osborne to unveil private jet tax"},"content":{"rendered":"

\n \t\t
\n 21 March 2011<\/span>
\nLast updated at <\/span>18:00 ET<\/span>
\n<\/span><\/p>\n

\t\t\t\t\t \t \t \t\t \t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\"HughBy Hugh Pym<\/span>
\n\t\t\t\tChief economics correspondent, BBC News<\/span>
\n\t\t\t<\/span><\/p>\n

The Chancellor George Osborne will announce in the Budget a tax on private jet flights as part of a crackdown on tax loopholes, the BBC understands. <\/p>\n

Airline passengers will also see passenger duty frozen this year, it is understood. <\/p>\n

Mr Osborne wants to raise an extra \u00a31bn a year by tackling tax avoidance – targeting the wealthy and businesses, it is believed. <\/p>\n

It will be billed as the biggest tax avoidance crackdown for several years.<\/p>\n

The chancellor is keen to chase as much revenue as he can get to bring down the budget deficit.<\/p>\n

Tax loopholes<\/span><\/p>\n

Travellers using corporate jets do not currently have to pay any duty. <\/p>\n

Mr Osborne will consult on whether to extend air passenger duty to private jets or introduce a new tax on them.<\/p>\n

He is also set to announce that air passenger duty will not be raised at all in the forthcoming tax year. <\/p>\n

It has been assumed until now that it would rise in line with inflation. <\/p>\n

The duty for short haul economy flights was raised by \u00a31 to \u00a312 last November and by more for longer routes.<\/p>\n

The chancellor will target other corporate tax loopholes, with the aim of raising a total extra yield of \u00a31bn a year. <\/p>\n

This will include sophisticated avoidance schemes used by companies to pay senior executives. <\/p>\n

He will argue that this is part of a drive to make the rich pay their fair share of tax. <\/p>\n

Tax evasion<\/span><\/p>\n

HIM Revenue & Customs is stepping up its attempts to bring in more unpaid tax. Part of the campaign will focus on criminal gangs that evade VAT and duties. <\/p>\n

The aim is to increase the number of prosecutions. <\/p>\n

Two hundred HMRC staff are being trained in self-defence techniques to deal with potentially violent fraudsters when premises are raided. <\/p>\n

This is being funded by \u00a3900m earmarked from departmental cost savings.<\/p>\n

According to HMRC, 90% of taxpayers pay what they owe in full. The campaign will crack down on the 10% who evade tax bills. <\/p>\n

These include some small businesses and self-employed professionals. The chancellor has set HMRC a target of raising an extra \u00a37bn by the 2014\/15 tax year.<\/p>\n

Tax experts said news of a Budget clampdown on avoidance was unsurprising given the Treasury’s need to boost revenue. <\/p>\n

The 50% top tax rate was likely to stimulate more elaborate avoidance schemes, experts said. <\/p>\n

One pointed out that all governments believed in a holy grail of lost tax but finding it was never easy. <\/p>\n<\/p><\/div>\n<\/p>\n

<\/p>\n

More here:
\nOsborne to unveil private jet tax<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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