The future of tax planning lies in bespoke rather than mass-marketed schemes, partner at NGM Tax Law, Mark Nichols advised.
Speaking at the recent annual UK200 conference in Edinburgh, Nichols outlined how the recent media and political attention on tax avoidance, including the introduction of the new general anti-abuse rule (GAAR) are helping to kill off mass-marketed tax avoidance schemes.
Indeed, the most recent statistics from law firm Pinsent Masons showed that the number of tax planning schemes reported to HMRC fell by a third - 36% - in the last year.
This is the lowest number of schemes reported since the disclosure of tax avoidance schemes (DOTAS) was first introduced in 2004.
Pinsent Masons upholds that this is down to...