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U.K. Tax Prosecutions Unlikely to Meet Targets Due to Budget Cuts, Say Industry Analysts
By Irene Madongo
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With U.K. elections only two months away, Tory and Liberal Democrat lawmakers alike have been forwarding strategies to tackle tax evasion and other financial crimes. One consideration of the Labour Party: whether British officials have the proper resources to penalize wrongdoers.
British officials and bankers have reached a breakthrough in recent days in their talks on how to better cooperate in financial crime cases, a top U.K. investigator said Thursday.
With new international data-exchange agreements in place, the United Kingdom will soon have greater access than ever to information on tax dodgers with offshore accounts, according to the nation's Financial Secretary to the Treasury David Gauke.
Britain's tax enforcer Friday revised its plan to seize money from delinquent taxpayers, extending the time debtors have to appeal the decisions and bolstering independent oversight of the program.
U.S. authorities should consult British regulators on the financial penalties they plan to impose on banks in the United Kingdom, Prudential Regulation Authority head Andrew Baily said Tuesday.
