The taxman has barred the use of two avoidance schemes involving leasing
schemes. The schemes emerged from disclosures made under the disclosure regime.
The first blocked scheme uses arrangements involving head leases and
subleases to create artificial tax losses. The schemes create a mismatch between
the tax treatment of rentals paid and received by the intermediate lessor.
The second type of scheme uses arrangements involving the grant of a lease
for a premium.
The counter-measures will take effect from 13 December 2007. A draft of the
legislation that will be included in the 2008 Finance bill has been drawn up.
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