A GENERAL anti-avoidance rule is likely to be included in the 2012 Budget, the Prime Minister and Deputy PM have indicated
In an interview with the BBC, Deputy Prime Minister Nick Clegg (pictured) did not confirm there would be a GAAR in the Budget, but said: “We have received a report from an expert, Graham Aaronson, which says an anti-abuse rule is feasible. I very much hope…[that] we can make progress on that in the Budget.”
David Cameron said in a speech at the Intuit headquarters in Maidenhead that HM Revenue & Customs had to collect the money in a “fair and business-friendly manner”. However, he said a tough approach is needed: “With the large companies, that have the fancy corporate lawyers and the rest of it, I think we need a tougher approach.”
The government will continue to cut the rate of corporation tax, and businesses should recognise they “should pay that rate of tax rather than try to avoid it”.
Clegg also attacked the “wealthy elite” who paid “an army of accountants” to avoid taxes.
Owen Smith, the shadow Exchequer secretary to the Treasury, said that the GAAR proposals were “narrowly focussed”.
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,
While some resistance to change is to be expected, the degree of controversy surrounding HMRC's Making Tax Digital proposals has surprised the government
Kevin Reed discusses the worrying findings from HMRC on micro-businesses' problems handling Real-Time Information, and the latest thoughts on how accountants can provide value-added services