Chancellor George Osborne yesterday launched a crackdown on ‘cowboy ‘tax advisers who design and promote tax avoidance schemes.
Osborne (pictured) introduced legislation aimed at targeting those responsible for designing and promoting abusive schemes used to shelter wealth from the taxman, according to the Evening Standard.
Under laws planned for next year tax advisers responsible for the schemes will face fines if they fail to be open with HM Revenue & Customs (HMRC), and must increase the range of information they must pass on to the taxman team dealing with loopholes.
The Standard reported Osborne as saying: ‘The action we are announcing today will help HMRC close in not only on those who seek to avoid or evade tax, but on the dubious “cowboy” advisers who sell them the schemes and dodges they use to cheat the law-abiding majority.’
Osborne is expected to announce further measures to clamp-down on tax avoidance, through shutting down loopholes, in his Autumn Statement on Wednesday 5 December.