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Until last month’s tariffs, cars sold between the U.S. and South Korea were untaxed under a bilateral free trade agreement.

The leaked documents also reveal how large amounts of the untaxed profits from Mr Abramovich's hedge fund investments passed through a network of the oligarch's companies before flowing into Chelsea FC.

Salary sacrifice schemes allow workers to lease cars cheaply through their employers, using their untaxed income, which can offer significant savings.

If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.

Their suggestions have also raised questions around whether and to what extent guardrails against fraud and abuse would be implemented and how much tipped income would go untaxed, according to CNN.