Revenue under pressure on avoidance clampdown
Accountants have hit out at the Inland Revenue for failing to provide adequate information on which of dozens of tax avoidance schemes will be clamped down on.
‘There is still a great deal of confusion over these rules,’ Mike Warburton, senior tax partner at Grant Thornton, the told Financial Times. ‘If the Revenue refuses to confirm who will be caught and who won’t, it will be impossible for people do their tax planning and for providers to sell many types of trusts.’
Warburton was referring to one of the most contentious schemes currently being addressed by the Revenue – pre-owned assets.