Tax avoidance scheme crackdown 'ten years too late'

Commenting on the launch of HMRC's consultation paper today, Cox agreed that there needed to be a greater focus on the potential role of advisers and promoters. But he said that marketing of unregulated collective investment schemes (UCIS) - under which tax avoidance schemes often operate - had been allowed to proceed unchecked for a decade. He said: "We would argue that this consultation is 10 years too late. The fact is that the marketing of UCIS - the umbrella under which most of these schemes fall - has been allowed to happen without the Financial Services Authority being notified...