CIoT president urges challenge to “dodgy” tax scheme promoters

by Calum Fuller

More from this author

28 Jun 2012

  • Comments
CIoT

THE PROMOTION and mis-selling of tax schemes with no real prospect of working should be challenged, according to the president of the Chartered Institute of Taxation.

Speaking at the CIoT's annual parliamentary reception, Patrick Stevens said rules governing the sale of artificial schemes needed to be treated in the same way as the financial services mis-selling rules. However, he stopped short of suggesting more legislation was required.

He said: "We need to consider the nature of the schemes that claim to wipe out income tax. Many people in my profession believe that most of them simply do not work, and indeed that they shouldn't work.

"If we built on the financial services mis-selling rules, they would attack the promoters and sellers of schemes that have no real prospect of working – who are the ones who really make the money from such arrangements."

He went on to add that morality and parliament's intention "only gets us so far", and that "fundamentally, tax bills must be based on the law, not on a possibly arbitrary view or decision".

A general anti-abuse rule (GAAR) is currently under consultation in order to tackle avoidance schemes that go against the intention of existing tax law.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.