CREATING a general anti-avoidance rule to act as a deterrent, rather than creating a mass caseload to deal with, seems to be borne out by the latest Budget figures.
The general anti-abuse rule, which will come into force this summer, will see a £235m haul between 2104 and 2018. But its impact on deterring avoidance, while no doubt higher, is impossible to quantify, according to Deloitte tax policy head Bill Dodwell.
“You can’t work out an absolute saving, for a deterrent,” said Dodwell.
Its enactment into law through the 2013 Finance Bill intends to clamp down on tax schemes that are abusive yet difficult to specifically legislate against.
An advisory panel, which includes Dodwell, has been put together to review schemes and determine whether they are contrived. The panel does not include HMRC representation.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said