TaxCorporate TaxTaxman unveils firms’ avoidance schemes disclosures

Taxman unveils firms' avoidance schemes disclosures

HM Revenue & Customs lifts the lid on the number of schemes accountancy firms have informed the taxman about

The taxman has given breakdowns of avoidance schemes flagged up by
accountancy firms.

Between 1 October 2008 and 31 March 2009, accountancy firms said they
promoted 31 schemes.

This represented almost half the total of 67 schemes marketed in the period
by groups including law firms, banks and other financial institutions.

During the six months, the Big Four marketed 14 of those schemes compared to
17 by other firms the taxman said, but no practice-by practice breakdowns were
provided.

HM Revenue & Customs revealed figures for six-month periods going back to
April 2004 after a Freedom of Information request.

Between October 2009 and March 2010, 41 schemes were disclosed, nine by the
Big Four and 32 by other firms, HMRC added.

Back in 2004, when the disclosure scheme began, the number of reports was
much more weighted towards accounting firms, which flagged up 207 of 259 schemes
between 1 August and 30 September.

Between 1 October 2004 and 31 March 2005 firms made 188 out of 244
disclosures.

Further reading:

New
rules may give advisers extra business

Detox
for the tax avoidance industry

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