[Update: The condoc and speech referred to in this article have now been published and are available at the following links: condoc (PDF) and speech (HTML page)]
In a speech today, Exchequer Secretary David Gauke will announce a series of new government proposals to strengthen their efforts to stop aggressive tax avoidance.
According to an article by David Gauke in The Times today, a consultation document will contain proposals to:
- Make it easier for members of the public to recognise a scheme that is in fact too good to be true;
- Strengthen HMRC’s powers further under the Disclosure of Tax Avoidance Schemes rules, so that it is better able to identify and take action against cowboy advisers and to close the net around the few schemes not already captured;
- Publish warnings about tax avoidance schemes that are effectively being missold, making it easier for taxpayers to identify a hard sell by a dodgy promoter;
- Give HMRC stronger powers to force promoters to tell them about avoidance schemes and who is using them.
According to an extract quoted in The Times, the condoc will say:
"The information that promoters are required to provide on client lists is not sufficient. At present it is inherently difficult for HMRC to identify the end users of such schemes. The Government wants to cut through the chain of introducers and intermediaries in such cases and identify who the end users are."
John Whiting, the CIOT's Tax Policy Director, has appeared on various media outlets this morning discussing the proposals and giving an initial CIOT response (ahead of actually seeing the condoc). A CIOT press statement will also be posted on this website shortly.
Anyone interested in finding out more about the proposals should look at:
Front page article in The Times(behind paywall)
David Gauke's article in The Times (behind paywall)
Guardian article(free to view)
HM Treasury press release(free to view)
Politics Home summary of John Whiting's comments(behind paywall)
CIOT External Relations Manager
Monday 23 July 2012