Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

HMRC set for new powers to target tax scheme promoters

HMRC set for new powers to target tax scheme promoters

The government is set to launch a consultation to give HM Revenue & Customs (HMRC) increased powers to target promoters of high-risk tax avoidance schemes.

Next year the government will consult on giving HMRC ‘a package of penalty and information powers’ specifically targeting promoters of schemes 'which have a negligible or low probability of providing the advertised tax advantage or involve or facilitate some element of concealment or misdescription'.

The government said measures being introduced in the financial services bill were not on their own sufficient to deter high-risk promoters from marketing such schemes.

It also plans to hand the taxman more information powers around the disclosure of tax avoidance schemes (Dotas).

The Finance Bill 2013 will contain regulation-making powers so that HMRC can require avoidance scheme members to pass over information to the promoters, and for the promoters in turn to give HMRC information when required about clients in the scheme.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Wealth Manager on Twitter