TaxCorporate TaxHMRC cracks £200m personal tax scheme

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

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’.

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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