PracticeAccounting FirmsBig Four told to ‘out’ tax avoidance schemes

Big Four told to 'out' tax avoidance schemes

The Treasury has called on the Big Four to publicly flag up methods of tax avoidance they intend to recommend to businesses and individuals.

Link: Anti-avoidance campaign launched

It is expected that the Budget will contain a definition of certain avoidance schemes for which it will become obligatory to submit details to Customs & Excise or the Inland Revenue.

On receiving a report, the tax authorities would then determine whether to legislate to stamp out the scheme, The Financial Times reported.

The Treasury said it was concerned the Big Four had marketed methods of tax avoidance they knew would become illegal under forthcoming legislation.

But the Confederation of British Industry warned proper consultation was necessary to avoid hindering legitimate business transactions with the changes.

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