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Clamp down on promoters of tax schemes

02 November 2021
Issue: 4815 / Categories: News

Legislation in Finance Bill 2021-22 will clamp down on promoters of tax avoidance. The package of measures which will take effect following royal assent will:

  • allow HMRC to freeze a promoter’s assets so that the penalties they are liable for are paid;
  • deter offshore promoters by introducing a new penalty on the UK entities that support them;
  • provide for the closing down of companies and partnerships that promote tax avoidance schemes; and
  • support taxpayers to steer clear of avoidance schemes or exit avoidance quickly by sharing more information on promoters and their schemes.

The chancellor has also allocated an additional £292m across three years for more resources to tackle the tax gap.

Kate Ison partner at Bryan Cave Leighton Paisner LLP said the power for HMRC to present a winding up petition against companies involved in the promotion of tax avoidance...

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