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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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