Up to ?150bn of income per year goes undeclared in UK

Small businesses avoiding tax have nowhere to hide, the Treasury has said.

Minister Eddie Teare's remarks came following a Tynwald question on the Island's so-called 'black economy', and what steps were being taken to counter tax evasion.

It's estimated that up to 150 billion pounds of income goes undeclared per year in the UK.

Mr. Teare encouraged members of the public to report anyone they suspect of fraud to the Assessor of Income Tax.

But he also denied it's a growing problem: