Taxman issues Gift Aid tax avoidance warning

The taxman has issued a warning ina bid to deter tax avoidance exploiting the
Gift Aid scheme for charitable donantions.

The avoidance involves cash donation and shares in companies listed on
markets not recognised by HMRC.

A statement from the taxman in its latest
publication warns it does not believe relief is due on the cash donations
involved in such schemes.

“There is also strong evidence that these schemes have links to share scams
such as ‘boiler rooms’. They usually involve a high level of upfront ‘fee’, paid
to the scheme promoters, which is concealed within the original cash ‘donation’
given to the charity,” said the HMRC statement.

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