Brown to clamp down on corporate tax avoidance

Brown to clamp down on corporate tax avoidance

The chancellor is to step up government efforts to clamp down on corporate tax avoidance in a bid to halt advisers' attempts to circumvent the new disclosure regime.

Link: Plea for restraint over tax laws

It is understood Gordon Brown will announce in this week’s pre-Budget report moves to close a loophole that firms are exploiting to market avoidance schemes.

There’s evidence firms are encouraging clients to take up schemes during the five-day period between their launch and when advisers are required to disclose information to the tax authorities, according to The Financial Times.

From August this year, accountancy firms marketing avoidance schemes to their clients have to notify the authorities of the schemes they plan to sell within five days.

Attempts to require lawyers to disclose such information to the Inland Revenue failed because of their ‘privileged’ status. The onus to report has now been placed on lawyers’ clients to inform the Revenue.

Related Articles

R&D tax relief claims are rising, HMRC report reveals

Corporate Tax R&D tax relief claims are rising, HMRC report reveals

3w Emanuela Hawker, Reporter
Appropriate tax systems – taxation in the ‘Fourth Industrial Revolution’

Corporate Tax Appropriate tax systems – taxation in the ‘Fourth Industrial Revolution’

2m Jane Mackay, Crowe
Watch out when winding up

Corporate Tax Watch out when winding up

6m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

6m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

8m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

9m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

9m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

1y Alia Shoaib, Reporter