HMRC have published a third version of their FAQs on the ‘disguised remuneration’ legislation in Schedule 2 to the Finance Bill, replacing those published in March.
There is public outrage at ‘flagrant’ tax avoidance schemes, the barrister leading the GAAR study group has told Tax Journal, but any proposed general anti-avoidance rule ‘must not have any significant detrimental effect to the attractiveness of the tax regime’.
Graham Aaronson QC talks to Tax Journal editor, Paul Stainforth, about the progress of the study into a general anti-avoidance rule
More than £25 billion of tax was ‘under consideration’ in HMRC’s Large Business Service (LBS) enquiries at 31 March 2011, but the department emphasised that the estimate did not represent tax owed or unpaid.
HMRC are seeking views on how to ensure that genuine losses incurred in business or employment are relieved against income or gains while deterring taxpayers from entering into tax avoidance arrangements intended to exploit the reliefs.
The study group considering the merits of a introducing a general anti-avoidance rule has reached consensus on the potential advantages of a GAAR for the UK, and what concerns such a rule would need to ‘address and allay’.
When I finally put down my dog-eared copy of the last instance decision in MCashback, my office screamed the same eerie silence that had greeted Ronaldinho's freak goal in 2002 to end the nation's World Cup hopes.