Following an announcement at this year’s budget the government has this week issued a consultation paper entitled “Raising the stakes on tax avoidance”. A link to this paper can be found here – the initial consultation period will be open until 4 October 2013 and the various ways in which responses can be submitted are set out on page 2.
According to the consultation paper, it is aimed at making proposals in respect of regulating the promotion of tax avoidance schemes (to increase transparency and protect the public) as well as encouraging individuals to settle their tax affairs after similar cases have lost in court (to reduce the burden on the Tax Tribunal and HMRC).
Given the number of high profile tax stories that have made the news in the last year or so, the government may feel that being seen to be clamping down on tax avoidance will prove popular. As always though, the devil is in the detail and so it remains to be seen whether the consultation process will lead to anything tangible…
On August 15, 2013