TaxCorporate TaxHundred Group backs government anti-avoidance moves

Hundred Group backs government anti-avoidance moves

Senior finance directors' group outlines its support for government anti-tax avoidance moves in its responses to proposals

THE HUNDRED GROUP of finance directors has thrown its weight behind government consultations designed to scupper tax avoidance, it has emerged.

The influential group of the UK’s top FDs has backed the ‘lifting the lid on tax avoidance schemes’ (LLTAS) initiative, which would see current disclosure of tax avoidance schemes (DOTAS) facilities extended and included the proposal that the taxman can request client lists from firms and individuals suspected of providing abusive schemes.

It also expressed its support for the general anti-abuse rule (GAAR), which is likely to come into force in April next year. The GAAR is designed to gauge the ‘reasonableness’ of tax schemes – and stamp out those deemed as contrived.

In the LLTAS response, in a letter to HMRC, the group’s tax committee chairman Andrew Bonfield said “there should be a better public awareness of tax avoidance arrangements and their risks and believe there could be a case for revisions to the DOTAS hallmarks”.

In the group’s response to the GAAR consultation, it recommends the inclusion of the words “abnormal” and “contrived” in the definition of tax schemes falling within GAAR’s scope.

In responses to the two proposals, Bonfield said the body “agrees with the government’s stance on unacceptable tax avoidance and support the steps being taken, including the introduction of a GAAR”.

Bonfield, who has been chairman of the tax committee of the Hundred Group since 2010, is CFO of National Grid.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

1m Alia Shoaib, Reporter
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
Colin: Tell them about the money, mummy

Business Regulation Colin: Tell them about the money, mummy

1y Taking Stock
Five key tax and business burdens the chancellor must ease in Autumn Statement

Business Regulation Five key tax and business burdens the chancellor must ease in Autumn Statement

1y Kevin Reed, Writer
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

2m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

2m Emma Smith, Managing Editor
Autumn Statement: Investment and tax avoidance highlighted in Hammond's speech

Corporate Tax Autumn Statement: Investment and tax avoidance highlighted in Hammond's speech

1y Kevin Reed, Writer