TaxPersonal TaxLawyers warn of HMRC interest in CGT avoidance scheme

Lawyers warn of HMRC interest in CGT avoidance scheme

Property investors may face interest from taxman

Property investors are being warned that if a capital gains tax avoidance
scheme becomes too widely used, it may face a clampdown from
HM Revenue & Customs.
The scheme in questions allows buy to let investors to escape
CGT if they put the property
into a discretionary or life interest trust.

But Malcolm Graham at
Solicitors Financial
Management
warned that while the arrangement had been accepted by HMRC, it
was possible the taxman may decide to clamp down on such an arrangement if it is
widely used.

Graham warned that HMRC did not look kindly on blatant tax avoidance and he
warns investors to be ready for a thorough tax investigation if they use this
device.
Further reading:

Shell finally resolves CGT saga

Assets gained in divorce to escape CGT

Lib Dem taper plan set to impact on private equity

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

3d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter