Government plans to crackdown on aggressive tax avoidance schemes by forcing companies to hand over details of wealthy clients using the set ups.
The BBC reports the plan is part of a consultation on cutting tax avoidance. Treasury minister David Gauke is set to tell the Policy Exchange think tank that scheme operators will be named and shamed for not playing by the rules. Last month comedian Jimmy Carr was exposed by a national newspaper for his use of a tax avoidance scheme. He apologised to the public shortly afterwards. The Treasury estimates about 14% of all unpaid tax income is due to aggressive avoidance schemes. Although they are not illegal, ministers are determined to clamp down on them, the BBC added. As wel...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes