Times: Govt to name and shame wealthy using tax avoidance schemes - Spear's Magazine

Times: Govt to name and shame wealthy using tax avoidance schemes

The names of celebrities and businessmen who use aggressive tax avoidance schemes should be disclosed to the taxman in future, the Government will say today

The names of celebrities and businessmen who use aggressive tax avoidance schemes should be disclosed to the taxman in future, the Government will say today.

New laws are being considered that would give Revenue & Customs (HMRC) the power to force tax firms to identify those who use such schemes, rather than relying on voluntary disclosure.

Plans to embarrass businesses running “crude” tax avoidance schemes that are unlikely to meet legal requirements are also part of a package of reforms outlined in a consultation document published today. The reforms could be included in the forthcoming Finance Bill, leading to a change in the law by the end of next year.

The move comes after an investigation by The Times. David Gauke, the Treasury Minister in charge of tax, will praise the newspaper today for publicising schemes such as the one used by Jimmy Carr, the comedian who sheltered millions from tax with a Jersey-based scheme known as K2.

“We face a problem with a minority — the ‘cowboy tax advisers’. Small, niche firms peddling crude schemes that are unlikely to be successful once they are brought to HMRC’s attention,” he will say in a speech today. “There has been some excellent coverage in The Times of the sort of thing I am talking about; the so called K2 scheme, for example, in which a shell company gives out payments described as loans in lieu of salaries.”

To read the full story, visit thetimes.co.uk



 

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