Harnett Accountants Wimbledon – Anti Avoidance Bill Brought Foward

Harnett Accountants Wimbledon bring you this report from the Accountancy Age website, detailing a new proposal for an anti avoidance bill to be brought before the house of commons.

“A GENERAL ANTI-AVOIDANCE BILL is to be tabled tomorrow at the House of Commons by Labour MP Michael Meacher.

Should the bill be passed, it will be the first time an anti-tax avoidance principle has been enshrined in UK law.

Unlike the general anti-abuse rule (GAAR) – the consultation for which closes tomorrow (14 September) – the bill addresses national insurance and VAT. It also looks to address shifting income from one tax to another in order to reduce a tax liability and any arrangement resulting in tax paid late.”

Source: full article

If the bill is passed successfully, it will supersede the current situation brought about through years of case law, which finds that schemes to avoid paying taxes aren’t actually illegal. However, critics say that the newly proposed rules will be so weak and ineffective that they will have no measurable economic impact at all.

If you need advice about how to reduce your tax bills, or how to make sure that you are paying the correct amount of tax, please contact Harnett Accountants Wimbledon, and we will arrange a free, one hour, no obligation consultation. You can contact us through our website or on 020 8977 3883. Also you can follow us on Twitter, Facebook and Google+. Additionally, you can keep reading our daily blogs.


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