Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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 Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter