Many more unscrupulous people in the UK are often putting their money elsewhere in the world instead of paying taxes and converting their cash much more ethically with TorFX and such companies, yet a new consultation may ensure that people will no longer be able to escape the tax man with forward planning.

The Trades Union Congress (TUC) welcomed the government’s decision to carry out a consultation on tax measures that will be included in the Finance Bill next year. It prompted TUC general secretary Brendan Barber to make a statement, with the leader explaining that ministers are “absolutely right to close down notorious tax loopholes” that let super-rich individuals to avoid many billions of pounds worth of tax that regular people must pay.

“But too many loopholes will be left in place and the government has a long way to go before it can justifiably claim to be taking a tough line on tax avoidance,” he continued. “Closing down the stamp duty loophole is particularly welcome as it would tackle offshore abuse and raise revenue through property sales and council tax.”

Mr Barber added that allowing wealthy non-doms to avoid paying their share of tax is “very disappointing at a time when public finances are under close scrutiny”.