The Institute of Directors has welcomed Graham Aaronson’s report on a possible general anti-avoidance rule (GAAR) and noted that the report recommends a well-targeted, moderate rule that ‘should only bite on tax planning that is clearly abusive’.
A wide range of views on the pros and cons of a general anti-avoidance rule has been reflected in Tax Journal’s ‘One minute with ...’ series of interviews with leading practitioners.
‘Business is “seriously concerned” about the risk of a backlash from the handling of tax avoidance disputes, according to the CBI, as it stepped into a row over the Revenue’s dealings with big companies.
Fifty-three disclosures of tax avoidance schemes were received by HMRC in the six months to 30 September 2011. There were 131 disclosures in the financial year to 31 March 2011, and 189 in the previous year.
Technical guidance on the FA 2011 rules on employment income provided through third parties has been added to HMRC’s Employment Income Manual. The guidance supersedes HMRC’s published FAQs.
The study group examining the case for a general anti-avoidance rule was set to report to the government by 31 October.