Advisers slam charity tax relief scheme
Tax experts hit out at scheme which exploited donations to charities
Tax specialists have slammed a scheme which took advantage of a loophole in
charitable donations rules after HMRC’s latest clampdown on tax evasion.
The
scheme exploited tax breaks for people gifting shares to charities which
HMRC believes could be worth in the region of £200m.
As the UK economy has been battered by the credit crunch HMRevenue &
Customs has stepped up efforts to bolster the UK’s coffers by foiling tax
evasion.
This move has embroiled two directors from accountiancy firm Vantis in a
criminal trial at the Old Bailey in January for involvement in a similar scheme.
Daniel Feingold, Senior Partner of Strategic Tax Planning Partnership
said:
“This scheme is merely the latest in a line of schemes exploiting Charitable
relief on share gifts.
The fact that such a scheme was still being marketed, demonstrates that there
are still many advisers who do not understand the boundaries of acceptable tax
planning.
“It also shows that legitimate tax planning, not
artificial schemes, is the best way
to plan for the 50% income tax“.
Further reading:
Another
aggressive scheme sparks charity tax crackdown