ACCORDING to a Study done by Oxfam, the UK loses as much as 5.2 billion pound a year due to tax evasion. The study states that billions of pounds owed to the Government are languishing in offshore bank accounts.

Last week, Prime Minister David Cameron told the World Economic Forum that Britain will use its year-long presidency of the G8 group of rich nations to push for global action against tax evasion and "aggressive" tax avoidance by wealthy individuals and businesses. But Oxfam states that the Government is not doing enough and criticized the target set for HM Revenue and Customs' Affluent Compliance Team. The Government has invested an extra £1 billion in HMRC to tackle evasion, avoidance and fraud which will bring in £22 billion a year by 2015.

Oxfam Study claims that tax dodgers are costing the UK nearly £200 per household at a time when many are struggling to make ends meet and 220,000 people have turned to charity food banks. It has revealed that the unpaid tax could go a long way towards helping "rescue millions from the poverty trap.