Contrived tax avoidance schemes that fail the ‘smell test’ bring the accountancy profession into disrepute, the President of the Institute of Chartered Accountants of Scotland has warned.
David Gauke’s comments last week highlighted the fact that ‘not all tax losses are down to contrived avoidance schemes used by the wealthy’
People engaging in tax avoidance schemes that might be considered abusive will be challenged by the tax authorities, will receive little sympathy in court and may be vulnerable to widespread adverse publicity, the Society of Trust and Estate Practitioners warned as it unveiled a five-point ‘progr
Barclays’ tax procedures were ‘robust and sound’, and the bank fully understood the potential damage to its reputation arising from the use of complex structures, Barclays chairman Marcus Agius told the chairman of the Financial Services Authority weeks after the government announced retrospectiv
The draft general anti-abuse rule set out in HMRC’s recent consultation document incorporates all the main principles that Graham Aaronson’s study group considered appropriate for a fair and effective GAAR, Aaronson has said in a letter to David Gauke, Exchequer Secretary.
Tax experts have expressed surprise at the government’s proposal to require taxpayers completing self assessment returns to consider whether any of their tax arrangements were ‘abusive’.
Chartered accountants at odds over ICAEW chief's missive
HMRC needs a ‘better understanding’ of the costs and benefits of interventions such as debt campaigns and initiatives to drive down error and fraud in tax credits, according to the Head of the National Audit Office.
More views (online only) from tax professionals on the proposed general anti-abuse rule
‘Sinner reformed’ says GAAR is a much more acceptable prospect than it might have been before a recent ‘sea change’ in the relationship between corporate taxpayers and HMRC