Speed Read: HMRC has updated its 'spotlight' list of avoidance schemes that it intends to challenge. An eighth scheme has recently been been added, involving the generation of trade losses for individuals using sideways loss relief. Two spotlights demonstrate HMRC's increasing focus on schemes using EBTs and EFRBS. HMRC should be congratulated on Spotlights — it is right that it should go public on what it dislikes, although it would be even more helpful if we knew its full reasons, so that advisers can properly explore those arguments and explain them fully to clients.
