Tomorrow’s Budget speech will see Gordon Brown bring in rules to counter new
tax schemes devised by some accountants and other advisers and aimed at reducing
a client’s tax liability, according to Grant Thornton.
As the chancellor lines up his 10th Budget speech, the firm said Brown would
launch a fresh clampdown on schemes to avoid clients’ tax liabilities – a theme
of the last four Budgets.
Stephen Quest, Grant Thornton’s tax partner, said: ‘There will be new rules
to counter new tax schemes and a broadening of the requirements of tax advisers
to disclose proposed plans.
Quest said that while it was reasonable to attack abuses of the tax code,
there was a big risk that such a clampdown would create more complexity in the
tax system and ‘adversely affect the ability of business to do commercial deals
with the certainty that is needed’.
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