Contrary to the PAC’s claims that scheme promoters are running rings around HMRC the department has been successful in reducing the appetite of high net worth individuals to participate in marketed avoidance schemes. The department now needs to tackle evasion with equal vigour.
The recent publication by the House of Commons Public Accounts Committee (‘PAC’) of its 29th report entitled Tax avoidance: tackling marketed avoidance schemes has attracted a great deal of coverage in the media. The report is highly critical of HMRC’s attempts at increasing tax compliance. In the view of the PAC: ‘HMRC has allowed a system to evolve where the die are loaded in favour of the promoters of tax avoidance schemes’ (see page 3 summary). The PAC is also of the view that: ‘HMRC has...
