Treasury won't name and shame tax avoiders
Tax experts have scoffed at Treasury plans announced this week to “name and shame” tax avoiders. But they warned anyone involved in schemes that they face up to five years of sleepless nights as loopholes are closed.
Mitch Young, tax manager at Lerman Jacobs Davis chartered accountants in Elstree, said: “The Treasury believes it has to act, which is why it has re-emphasised its promise to crack down on tax avoidance. However, rumours of naming and shaming are unfounded as HMRC cannot release information on private individuals’ tax affairs.
“The new measures will undoubtedly help HMRC identify those taking part in such schemes and enquiries will increase as a result, but these will go on for a number of years before a conclusion has been reached.”
Frank Nash, tax partner at national accountants Blick Rothenberg, agreed. “While naming and shaming could come in as part of the general anti-avoidance rules due next April, it is likely to be aimed at advisers who promote the schemes which, frankly have a fairly elastic interpretation of the existing tax legislation.
“However, the Revenue does seem determined to crack down on those using artificial tax planning or loopholes – such as the K2 Jersey-based scheme – so I reckon the people involved have up to five years of sleepless nights ahead,” Mr Nash warned.
- 1 Friends and colleagues pay tribute to soldier killed in Woolwich machete attack Drummer Lee Rigby
- 2 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 3 Grace Dent: I’m not sure how these people can avoid being called ‘bigots’. And the more ‘civilised’, the worse they are
- 4 Woolwich murder: They killed, then they performed - these men should be starved of our attention
- 5 Woolwich attack: The EDL will seek to exploit this evil crime for their own evil ends
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.
Day In a Page
A modern home of almost 1,000sq ft is close to Stoke Newington's high street. £499,950
A five-bedroom bungalow in Hoveton with riverside garden and mooring dock, £550,000
A refurbished one-bedroom flat with south-facing reception and high ceilings. £579,950
A four-bedroom Grade II-listed house in Nazeing with large gardens. £550,000
A modern four-bedroom house in a converted stable within walking distance to Peckham Rye. £695,000
Three-bedroom house in a quiet residential area within close distance to Battersea Park. £450,000
A three-bedroom cottage within commuting distance of London, Norwich and Cambridge. £250,000
A two-bedroom cottage with a sun room and gardens in South Chard. £350,000.
A three-bedroom semi-detached house with original features including fireplaces and wooden flooring. £399,950
A modern two-bedroom flat split across two floors and close to several public transport links. £595,000
A one-bedroom flat with an open-plan reception/kitchen and private balcony. £315,000.
A bright two-bedroom garden flat between South Acton and Chiswick Park. £499,950.
A listed four-bedroom farmhouse with stables, set in four acres. £500,000.
A three-storey family home with four bedrooms and an extended kitchen/diner. £995,000.
A three-bedroom Hamstone cottage in the rolling Somerset countryside. £430,000.
A luxury one-bedroom apartment on the first floor of a converted Victorian house. £425,000.