A £200m personal tax avoidance scheme has been uncovered by HM Revenue & Customs.
The government is set to introduce legislation in the 2009 Finance Bill effective from today to crackdown on what HMRC refers to as 'highly contrived arrangements'.
HMRC cracks £200m personal tax scheme
The taxman has moved swiftly in shutting down a tax avoidance scheme which could have cost the Exchequer £200m
Accountancy Age, 12 Jan 2009
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An HMRC spokesman confirmed the size of the avoidance, adding that it took just a matter of days to shut it down.
According to a statement released by HMRC, the scheme seeks to abuse tax reliefs available for employment-related liabilities incurred by employees and former employees.
A written ministerial statement will be made to Parliament tomorrow confirming the introduction of the new laws.
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