Press releases relating to tax avoidance schemes  

   

 http://www.bbc.co.uk/news/business-17665780

                                                                                    
 

Tax avoidance has hit the headlines with a comedian and music artists placed in the firing line.

Year after year, some wealthy individuals have used legitimate reliefs to pay little or no tax, according to the Treasury. Other schemes have been seen as more contrived.

The way in which these high-income individuals have used the system has led to an argument about morality, but also what can be done to halt the avoidance.

Accountants and commentators say this is nothing new, as many of these schemes have been around for years.

Remember, tax avoidance - unlike tax evasion - is perfectly legal, so it is up to the government to change the rules to make these people pay more in tax.

So, what are the most common forms of tax avoidance?

The BBC News website asked two experts to pick out some of the most common avoidance schemes: Ronnie Ludwig of Saffery Champness Accountants and John Whiting of the Chartered Institute of Taxation, who also advises the government on tax simplification.

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TAX AVOIDANCE and the use of scheme products have been with us for many years. The Rossminster company, which provided tax mitigation products in the 1970s, is regarded as the precursor of present day commercial tax avoidance industry.

The Disclosure of Tax Avoidance Schemes legislation (DOTAS) sees tax mitigation schemes flagged up to HM Revenue & Customs, which then issues that scheme with a number indicating it is aware of it.



Read more: http://www.accountancyage.com/aa/opinion/2204612/hmrcs-powers-and-why-dotas-is-flawed#ixzz26NtMKpkM
 

 

  

TAX AVOIDANCE and the use of scheme products have been with us for many years. The Rossminster company, which provided tax mitigation products in the 1970s, is regarded as the precursor of present day commercial tax avoidance industry.

The Disclosure of Tax Avoidance Schemes legislation (DOTAS) sees tax mitigation schemes flagged up to HM Revenue & Customs, which then issues that scheme with a number indicating it is aware of it.



Read more: http://www.accountancyage.com/aa/opinion/2204612/hmrcs-powers-and-why-dotas-is-flawed#ixzz26NtMKpkM .