Paymaster general, Dawn Primarolo, claims that some schemes manipulate partnership sharing arrangements to allocate losses that are greater than an individual’s economic contribution to a partnership to achieve a tax advantage.
‘These schemes exploit tax reliefs that are intended for people who risk their own money in running genuine businesses, but the schemes manipulate tax relief to create claims for losses in excess of the capital at risk,’ said Primarolo.
‘Schemes like this undermine the true purpose of tax relief and we are determined to take all appropriate action to counter them.’
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states