Ready, aim, fire

KEY POINTS * Measures stopping the purchase and sale of companies carrying capital losses. * Deterring tax based sales of lessor companies. * TAAR aimed at creation of artificial losses. * Further measures relating to employee benefit trusts. * Stamp duty land tax anti avoidance.

MEASURES REQUIRING THE disclosure of tax avoidance schemes were introduced by HMRC in 2004 and the success of these measures can be seen in the growing body of targeted anti-avoidance provisions. Such announcements are now a regular part of both the Pre-Budget statement and the Budget statement. Before we turn to the measures that accompanied the Chancellor's statement on 21 March it is worth recalling the measures that have already been announced and which will be included in the forthcoming Finance Bill.

Pre-Budget Report

The Pre-Budget Report introduced measures designed to counter six corporate tax schemes as well as stamp duty and capital...