A “persistent minority” of professional advisers who seek to exploit tax laws in a way that the UK Parliament never intended will face new penalties, but some tax professionals have expressed concern about the likely scope of reforms announced by the government.
“People who peddle tax avoidance schemes deny the country of vital tax revenue, and this government is determined to make sure they pay. The vast majority of their schemes don’t work and can land their users in court, facing large tax bills and other costs,” Financial Secretary to the Treasury Jane Ellison said. Tough new sanctions will make would-be enablers of tax avoidance think twice, she added …
Tax professionals expressed concern over some aspects of the proposals while emphasising their support for the government’s efforts in tackling aggressive avoidance.
Read more: My news story for Tax Notes 18 August (paywall) published by Tax Analysts.