HMRC denies ‘approving’ avoidance schemes
Taxman says companies that advertise avoidance schemes as ‘HMRC approved’ are deceiving their clients
HMRC has warned that websites and companies promoting tax avoidance schemes that are “HMRC approved” are deceiving their potential clients.
The taxman said that some companies who had disclosed their avoidance scheme and received a scheme reference number (SRN) were advertising their products as being approved by HMRC.
However HMRC said that “the issue of a SRN does not mean either that HMRC ‘approves’ the scheme or that HMRC accept that the scheme achieves its intended tax advantage”.
The warning comes in the latest edition of its Spotlights consumer protection publication, which seeks to highlight to taxpayers the risks of using some tax avoidance schemes that may have unintended adverse consequences.