Tuesday, 19 June 2012

Revenue condemns tax avoidance scheme

From Revenue and Customs on the K2 tax avoidance scheme highlighted in the Times - which Jimmy Carr allegedly used to shelter £3.3m:

Regarding the K2 scheme, all we can say is:

"This scheme (K2) was already under investigation by HMRC. If, as is alleged, it depends on the use of loans it will not work.  HMRC are looking into this. If the scheme does work technically, HMRC will challenge it in every way available to them. Government does not intend anyone, no matter who they are, to get away with paying less than they should."  

More generally, on tax avoidance, our comment is:

“HMRC is extremely effective at shutting down tax avoidance schemes fast and effectively. The avoidance “industry” has been seriously undermined by HMRC’s focus on tackling avoidance – preventing billions of pounds of tax being diverted from the Exchequer.

“In our 2010 spending review the Government made £917m available to us to tackle avoidance, evasion and fraud. This is being used to ensure a level playing field for all taxpayers.”

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