High tax avoidance schemes to be listed

01 June 2011 at 16:37

Taxpayers using high risk tax avoidance schemes can find themselves out of pocket when the schemes fail to deliver savings, HM Revenues Customs (HMRC) has warned.

The HMRC is aiming to dispel myths around the benefits of such schemes and counter how they are marketed to taxpayers.

Currently, the schemes are often used as ways to defer large tax payments until the HMRC is forced to launch an investigation.

The exchequer secretary to the Treasury, David Gauke, said: “For too long, wealthy taxpayers were using these schemes as a cheap loan from government.

“Our proposals would stop this practice, reducing the cost of HMRC’s interventions and ensuring a fairer tax system.”

The government agency last month said it would be cracking down on companies that have failed to register that they are trading above the VAT threshold.

It will initially launch a campaign to get firms to voluntarily register, before targeting those that have not.

 

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