Revealed: taxman is £22bn out of pocket #deficits #government

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	Revealed: taxman is £22bn out of pocket #deficits #government

JICWyllie

7-21-2009 6:25 AM

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tags:

1-budget, 1-deficit, 2-increase, 2-record, 3-reported, 4-uk

JICWyllie says:

The BBC reported the fall in receipts was the sharpist since 1924! Where Gordon Brown leads, Barak Obama will follow.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a750c7c3-1509-4776-97b0-63aa28df84d1/26FF3C21-0A76-4662-B8C4-4766A6FFCB92/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html" href="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html" style="font-size: 11px;">www.independent.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html"><P class="font-null">The crisis in business and industry, on the high street and in the property market contributed to a dramatic slump in the money collected by the Treasury. Tax revenues dropped by £21.7bn, a fall of almost 5 per cent, figures from HM Revenue and Customs (HMRC) showed. An extra £3.3bn is likely to be written off in lost taxes and HMRC is fighting legal action over a further £7bn of disputed taxes.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html">Tax receipts have plunged by £22bn in 12 months, dramatically increasing the likelihood of large-scale tax rises and spending cuts</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html"><P class="font-null">But Vince Cable, the Liberal Democrat Treasury spokesman, said that the NAO's concerns were "entirely legitimate". </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html"><P class="font-null">He said: "The Asset Protection Scheme is quite simply a massive fraud on the taxpayer – providing insurance for 'bad' loans but with a huge, open-ended risk.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/uk/politics/revealed-taxman-is-16322bn-out-of-pocket-1754390.html"><P class="font-null">The Treasury said its asset protection scheme for the banks had not been approved by Parliament because of the need for speedy action. It said that the qualification of its accounts was "technical".</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/26FF3C21-0A76-4662-B8C4-4766A6FFCB92/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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