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Horror double feature
KEY POINTS
- Many entrepreneurs who entered tax avoidance schemes may have thought that at worst they would defer a liability.
- Penalties are now assuming a more prominent importance.
- Due diligence costs can be considerable if tax schemes were used by the target business.
- The naming and shaming provisions may result in bad publicity even though a purchaser may not have been at fault.
- Further complications may arise if there are offshore elements to tax arrangements.
Over the past few years there has been extensive media coverage of HMRC’s crackdown on an assortment of tax avoidance schemes some more palatable than others. The government has also jumped on the bandwagon with former prime minister David Cameron and his chancellor George Osborne publicly adding to the controversy...
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