TaxAdministrationDraft tax avoidance rules disappoint

Draft tax avoidance rules disappoint

The Inland Revenue has published the final draft of the new tax avoidance disclosure regulations today but accountants have expressed disappointment in their content.

Link: Revenue concedes review of tax avoidance rules

John Whiting, tax partner at Big Four firm PricewaterhouseCoopers, said they were ‘not as good as we hoped for’ and while acknowledging the Revenue had made progress, said they were ‘not as definitive’ as they could be.

Anne Redston, tax partner at Ernst & Young, also expressed disappointment but said there were grounds to be optimistic. ‘The good thing is that they are nowhere near as broad brush as the first ones were,’ she said.

To view the new regulations see: http://www.inlandrevenue.gov.uk/news/index.htm.

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