HMRC clampdown on tax avoidance
Tax avoidance is in the news — think of the string of celebrities whose tax affairs have become public knowledge. It seems certain to become even more of a talking point as HMRC’s crackdown on anti-avoidance schemes is set to intensify over the summer months.
A new measure, which will come into effect when the Finance Bill 2014 receives royal assent in July, will enable HMRC to oblige taxpayers to pay disputed tax upfront where the tax is associated with schemes covered by the Disclosure of Tax Avoidance Schemes (DOTAS) Rules, introduced in 2004, or under the General Anti-Abuse Rule (GAAR).
Reports suggest that HMRC is intending to issue between 35,000 and 45,000 notices to individuals and companies (primarily individuals) to pay tax that HMRC believes is owing from such schemes. HMRC estimates that it may raise as much as £7bn from these notices…
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