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Avoidance what a disgrace!
Why are so many people today "avoiding" tax and why is HMG so uptight about "avoidance"?
It now appears more disgraceful to avoid than to evade!
It has of course political connotations. They wrote the rules which frankly few of us understand, and smart people have found smart ways round it. Do they want to admit their own mistakes? of course not! Better to blame the smart people than to denounce themselves!
But that doesn't begin to address why honest, genuine and responsible taxpayers are looking to reduce their tax bills.
1. They're far too high. 2. The Government fritter it away and 3. HMRC are bullies. I recall a time when HMRC used to say we want you to pay the "fair" amount of tax - now it's a case of, we want you to pay the maximum amount of tax!
non DOTAS
Hardly a surprising revelation. DOTAS was introduced and there were huge penalties for failing to report a scheme falling within it. Result - everyone erred on the side of caution and all schemes got DOTAS numbers whether they genuinely needed them or not.
Now we have advance payment notices for DOTAS schemes and, what a surprise, promoters are reverting to non disclosable schemes.
And HM RC/Treasury/Government are surprised that this is the response to APNs?
The idea of an APN for IHT tax schemes is an interesting one though. It has a touch of the Green King about it - not only do you potentially fail to get the tax relief sought, you actually accelerate a death duty to be payable during life.
Anyone know if any of the scheme promoter's judicial reviews have made any headway since Royal Assent?
non DOTAS
Hardly a surprising revelation. DOTAS was introduced and there were huge penalties for failing to report a scheme falling within it. Result - everyone erred on the side of caution and all schemes got DOTAS numbers whether they genuinely needed them or not.
Now we have advance payment notices for DOTAS schemes and, what a surprise, promoters are reverting to non disclosable schemes.
And HM RC/Treasury/Government are surprised that this is the response to APNs?
The idea of an APN for IHT tax schemes is an interesting one though. It has a touch of the Green King about it - not only do you potentially fail to get the tax relief sought, you actually accelerate a death duty to be payable during life.
Anyone know if any of the scheme promoter's judicial reviews have made any headway since Royal Assent?