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Mon 04 Apr 2007US to crack down on offshore tax loopholeThe US government is to crack down on a controversial tax avoidance scheme believed to be worth hundreds of millions of dollars a year to US and foreign financial groups.The move by the Internal Revenue Service, the US tax agency, could force big groups such as Wachovia, the fourth-biggest US bank, to forgo substantial tax savings and hit the investment banks and law firms that create these complex structures, including Barclays Capital of the UK.