People who have used EBTs to avoid tax on employment income are being offered ‘products’ designed to shelter funds in current schemes from the effect of planned legislation to counter avoidance of income tax and NICs, according to HMRC.
Businesses should consider engaging ‘more forthrightly’ in the tax avoidance debate to address ‘some of the myths and confusion that exist’, David Gauke said today.
Deferred bonus arrangements meeting certain conditions are to be excluded from proposed measures to tackle income tax and NIC avoidance by means of ‘disguised remuneration’.
The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations, SI 2011/170, extend the disclosure of tax avoidance schemes regime (DOTAS) to inheritance tax by describing certain IHT arrangements involving transfers of property into trust which must be notified to HM
‘The Big Four accountancy firms have come under attack for maintaining on average more than 20 offices each in offshore tax havens despite countries working together to crack down on tax avoidance … MP Chuka Ummuna, who earlier this month confronted Barclays chief executive Bob Diamond over the b
Liberal Democrat MP Adrian Sanders asked the Chancellor if he would make it his policy to refer all tax disputes concerning liabilities greater than £500 million for parliamentary scrutiny prior to action by HMRC.
‘If some tax avoidance is a fact of global competition, the challenge for firms is to protect their reputation … The awkward truth is some companies do have something to hide.
The National Audit Office has confirmed that it is in the ‘early stages’ of scoping a review of HMRC’s procedures for resolving tax disputes. Private Eye has linked the NAO’s decision to recent allegations concerning HMRC’s £1.2 billion settlement with Vodafone.
‘Taking advantage of complex tax laws in order to reduce the individual burden is perfectly legal and has been standard practice among the super-rich for years.