Govt to clamp down on tax avoidance firms

clock

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

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Majority of advisers think NI cut will not boost pensions savings

Majority of advisers think NI cut will not boost pensions savings

Only one in ten think people will put the extra cash into pensions savings

Isabel Baxter
clock 11 March 2024 • 1 min read
Partner Insight: Royal London's Fiona Hanrahan — 'Your top tax year end questions answered'

Partner Insight: Royal London's Fiona Hanrahan — 'Your top tax year end questions answered'

Fiona Hanrahan, Senior Intermediary Development and Technical Manager, Royal London
clock 08 February 2024 • 3 min read
Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Figure breaks down at £22m a day for the government’s coffers

Hope William-Smith
clock 21 July 2023 • 2 min read