View the article online at http://citywire.co.uk/new-model-adviser/article/a646992
HMRC offers deal over £3.5bn tax avoidance schemes
by Daniel Grote on Dec 20, 2012 at 09:39
HM Revenue & Customs (HMRC) is to offer a settlement to investors it believes have avoided tax through film partnerships and other schemes, according to The Guardian.
The paper said the terms of the offer were unclear, but would affect schemes estimated to have sheltered a combined £3.5 billion in tax.
HMRC told the paper the approach was ‘the best opportunity to resolve these disputes in a way which was cost-effective and consistent with the law’. It said that those who did not take up the offer would risk ‘accelerated disputes and litigation’.
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