In his Autumn Statement, read out this afternoon (December 5th), Mr Osborne said that £77 million will be invested in HM Revenue & Customs (HMRC) while an additional 2,500 tax investigators will be recruited.
He explained that though the government wants the most competitive corporate tax system in the world, it also "expects those corporate taxes to be paid".
"Hundreds of millions of pounds of tax loopholes are being closed with immediate effect, and we are investigating abusive use of partnerships," Mr Osborne noted.
"HMRC will not have its budget cut over the next two years, unlike other departments."
It comes as the online Self Assessment 2011-12 tax return deadline (January 31st) fast approaches, with HMRC urging anyone who has not signed up to use the system to do so as soon as possible.
Posted by Emily Smith