500 property schemes in one year
New figures reveal extent of avoidance of stamp duty land tax
New figures reveal extent of avoidance of stamp duty land tax
Taxpayers have disclosed more than 500 stamp duty land tax schemes to the
taxman since the introduction of rules requiring them to own up to them.
Disclosure rules relating to Stamp Duty Land Tax have applied since August of
2005, just over a year, and in that time promoters of schemes – largely in-house
and legal teams – have revealed 506 of them to the taxman.
The figures are revealed in Freedom of Information requests recently put by
Private Eye magazine.
Releasing figures on disclosures of direct tax schemes from the outset of the
rules (in 2004 in cases other than SDLT), HMRC said there had been 198
employment schemes, 443 financial schemes, and 506 SDLT schemes.
Accounting firms and other advisers had disclosed 168 of the employment
schemes and 391 of the financial schemes, but only 81 of the SDLT schemes.
An HMRC spokesman said that the high number of SDLT schemes was a result of
the nature of the tax and how it had to be disclosed: ‘For SDLT the…return is
transaction based and successful avoidance may mean there is no return at all.
So the rules went wider and asked for disclosure not only of new and innovative
schemes, but also established schemes (apart from an exceptions list of well
known schemes) in order to provide a full picture. The SDLT approach inevitably
led to a larger number (compared to income tax etc) of disclosures in the first
months of operation. And that number includes a higher proportion of schemes
that are not avoidance.’
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article