Osborne vows tax evasion clampdown

George Osborne has delivered a stark warning to high earners who dodge tax that the Government "will find you and your money".

The Chancellor insisted a deal announced last week to clamp down on those who shelter their wealth in Switzerland was "just the start".

"Tax evasion is morally repugnant," he wrote in The Observer. "It's stealing from law abiding people, who face higher taxes to make good the lost revenue."

He went on: "We will make sure that everyone pays their fair share."

The intervention comes amid a coalition row over the fate of the 50p top rate of tax.

Mr Osborne has indicated the levy should go if it is not raising significant revenue.

But Liberal Democrat Treasury Chief Secretary Danny Alexander has dismissed the prospect of dropping the top rate as "cloud cuckoo land".

It has also emerged that divisions on the issue cut across parties, after Tory minister David Willetts backed keeping the 50p levy for "symbolic" purposes.

Lib Dem Business Secretary Vince Cable is said to be demanding the introduction of a "mansion tax" and potentially a "land tax" in return for agreeing to sacrifice the top rate.