Chancellor gets tough on Tax Avoidance
Chancellor Gordon Brown introduces new measures to cut Tax Avoidance
18th March 2004
Tax Avoidance, the legal method of reducing your tax bill by exploiting loopholes in legislation, is under attack from HM Treasury.
Yesterday's budget saw Gordon Brown introduce a new rule whereby accountants must 'register' any tax avoidance schemes they plan to use with the Inland Revenue, giving the government advance notice that there may be a loophole to exploit and giving them time to close it.
This system is already in use in the US, and it is expected to raise substantial revenue to help reduce the Chancellor's budget deficit.
Read More: BBC
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More on Tax Avoidance and Evasion : Taxman Asks for Police Powers (News, 15/08/2006), £10bn Cost of Tax Avoidance (News, 02/03/2006) |
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