The Finance Act 2010, Schedule 17 (Appointed Day) Order, SI 2010/3019, appoints 1 January 2011 as the day on which the amendments to FA 2004 Part 7 (disclosure of tax avoidance schemes) come into force.
The Treasury launched on 9 December 2010 a consultation on draft legislation for Finance Bill 2011. The following brief outline of the measures is based on the Treasury’s overview and draft explanatory notes.
The National Insurance Contributions (Application of Part 7 of the Finance Act 2004) (Amendment) Regulations, SI 2010/2927, amend the National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations, SI 2007/785, which make provision corresponding to FA 2004 Part 7 (di
UK Uncut, the group behind recent protests at Vodafone and Topshop stores, targeted another 20 stores across Britain on Saturday, the Sunday Times reported.
The total recorded yield from HMRC settlements relating to controlled foreign companies legislation in the financial years 2007/08 to 2009/10 is estimated at £719 million, David Gauke said in a Commons written answer.
A new section of the Spotlights page features schemes where taxpayers ‘have conceded and paid the tax they had tried to avoid,’ HMRC announced.
HMRC has emphasised that it never ‘approves’ tax avoidance schemes. Some promoters or introducers for certain schemes are advertising products as ‘HMRC approved’, the department said.
Tax advisers have warned that uncertainty caused by a general anti-avoidance rule could harm the UK’s competitiveness.
The Government has asked Graham Aaronson, a tax barrister specialising in commercial taxation, to lead a study into a general anti-avoidance rule. In the meantime a number of specific anti-avoidance measures have been announced, some with immediate effect.