Falling Foul on Tax Avoidance; PERSONAL FINANCE

The Birmingham Post (England), October 24, 2013 | Go to article overview

Falling Foul on Tax Avoidance; PERSONAL FINANCE


The way in which the Government is stoking the debate on what George Osborne has called "morally repugnant" aggressive tax avoidance is changing the attitude of many wealthy individuals, but it has not stopped the promoters of high-risk tax avoidance from pushing their wares, chartered tax adviser Eamonn Daly is warning.

Mr Daly, a partner at Lodders Solicitors, said: "When asked, we advise clients that while heavily marketed highrisk tax avoidance schemes could technically work, they might be viewed by HMRC as aggressive, particularly where they rely on specific statutory exemptions and reliefs purely to avoid tax rather than the purposes which the legislation that introduced the exemptions and reliefs was intended to promote."

And he pointed out that whereas they might work according to the precise wording of the relevant law there was a risk that they could fall foul of general anti-tax avoidance provisions.

"Some scheme providers make additional charges to provide a fund for defending their schemes in the courts should they ever be challenged but of course there is no guarantee of success," he stressed.

HMRC launched a new consultation document in August entitled "Raising the stakes on tax avoidance". The closing date for comments was October 4, 2013.

Mr Daly said "The consultation follows two main threads. Firstly, a new regime for high risk promoters with implications for intermediaries and clients, and secondly a proposal targeting taxpayers who fail to settle with HMRC when HMRC considers that the legal issues in their appeal have been resolved by the courts.

"Put simply, the objective of the new proposals is to make it significantly harder to market avoidance in the first place. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Falling Foul on Tax Avoidance; PERSONAL FINANCE
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.