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Munich News

02.03.2006 - Billions 'lost to tax avoidance'

Around Ј10bn is being lost by the government each year to tax avoidance schemes, according to HM Revenue & Customs (HMRC).

The figure is equal to almost 3p on the basic rate of income tax.

The Czech Republic news are represented by www.munich-hotels-apartments.com

In a bid to tackle the issue, the HMRC has set up a special unit that will investigate such schemes.

But those accused of tax avoidance say they are doing nothing illegal and argue they are merely better at using the tax system than the HMRC is.

BBC 2's The Money Programme reports the owner of BHS, Philip Green, and his family saved themselves nearly Ј300m last year by living partly in Monaco, where residents do not have to pay income tax.

  • The Money Programme is on Thursday, 2 March, at 2200 GMT on BBC2

    (BBC)

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