Pre-Budget: Revenue to shut down tax avoidance schemes

In a document entitled Protecting Tax Revenues, the Treasury revealed there are 10 tax avoidance problems – related in most cases to tax avoidance by corporations or the more sophisticated investors – which it believes are being exploited to reduce tax bills. In particular, the Treasury has now changed rules again concerning film and partnership reliefs, to end the use of ‘double dipping’ on accelerated tax relief in British film production, as the Treasury has found some individuals are using the VCT investor reforms – announced in September – to claim tax relief on the investment, then...