‘Barclays has been warned that its reputation is being "tarnished" by the persistent use of "complicated financial structures" to boost profits.
HM Treasury has published an update and more draft legislation dealing with reform of the controlled foreign companies (CFC) rules. Two circumstances have been identified in which a full, rather than partial, finance company exemption will be offered.
An arrangement reported to allow the Student Loans Company's chief executive legally to avoid thousands of pounds in income tax and national insurance contributions will be unwound, a Treasury minister announced in the House of Commons this morning.
The draft anti-avoidance rule being considered by the government does not allay concerns over uncertainty and may disappoint public opinion, according to the Chartered Institute of Taxation.
The tax avoidance question is ‘critical’, particularly in the current economic situation, but the subject should be kept in perspective, a Treasury minister said yesterday after a Labour peer warned that a ‘socially useless tax avoidance industry’ could harm the performance of the economy.
An anti-tax abuse rule would make the tax code simpler – not more complex – the Prime Minister said yesterday.