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    HMRC 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

    Author Date published January 12, 2009 Categories

    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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