It is important to look at any tax planning arrangement in the round and not simply the marketing material, Tom Wallace (WTT Consulting) explains.
Tax avoidance schemes of years gone by were very different to what we see today. Generally they relied on short comings in the legislation that could be exploited by skillfully restructuring a transaction that was likely to be undertaken anyway. They were often complex and due to that it was difficult for anyone who became involved in them to not know that they were seeking some kind of tax advantage. HMRC has done well to combat such schemes - and whilst I consider its current strategy to have shortcomings it is of course right that it tackles tax avoidance with the tools it has been given by Parliament.
Perhaps because of this today’s mass marketed schemes are much less sophisticated....
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It is important to look at any tax planning arrangement in the round and not simply the marketing material, Tom Wallace (WTT Consulting) explains.
Tax avoidance schemes of years gone by were very different to what we see today. Generally they relied on short comings in the legislation that could be exploited by skillfully restructuring a transaction that was likely to be undertaken anyway. They were often complex and due to that it was difficult for anyone who became involved in them to not know that they were seeking some kind of tax advantage. HMRC has done well to combat such schemes - and whilst I consider its current strategy to have shortcomings it is of course right that it tackles tax avoidance with the tools it has been given by Parliament.
Perhaps because of this today’s mass marketed schemes are much less sophisticated....
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
