Tax avoidance promoters to face criminal charges in the UK
- Thread starter John M
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Important thing to take from that.
Now the question remains, is crowdsourced forums/message boards 'illegitimate tax advisors'.
For the meat aspect, tax avoidance structuring which is legal, will remain legal, and advisors advising such are not breaking the law.
Tax avoidance structuring which is illegal, will have advisors criminally charged.
Comes back to...
I have a idea, a business and i think in a few years i will do well, so i set up a structure so as to reduce any potential future taxes, by paying a premium to structure my business ahead of the potential point i might︀ have to pay tax = LEGAL.
I have just made a lot of money and︁ now am trying to create a structure to reduce the tax owed = ILLEGAL
Now the question remains, is crowdsourced forums/message boards 'illegitimate tax advisors'.
For the meat aspect, tax avoidance structuring which is legal, will remain legal, and advisors advising such are not breaking the law.
Tax avoidance structuring which is illegal, will have advisors criminally charged.
Comes back to...
I have a idea, a business and i think in a few years i will do well, so i set up a structure so as to reduce any potential future taxes, by paying a premium to structure my business ahead of the potential point i might︀ have to pay tax = LEGAL.
I have just made a lot of money and︁ now am trying to create a structure to reduce the tax owed = ILLEGAL
I laughed while reading this article
"The amount of revenue lost as a result of this has reduced from £1.5bn in the 2005 to 2006 tax year to £400mn in the 2020-21 tax year" followed by "Moreover, it added, most of the tax avoidance schemes they promote “do not work"
They're saying MOST of these tax avoidance schemes don't work - but obviously SOME of them do otherwise they wouldn't be complaining about it. And to the tune of 1.5bn.
"and the taxpayers who enter them often end up paying large sums of money in tax bills︀ for the tax they always owed"
So they gov ends up getting extra money....and they︁ want to put an end to that?
"The amount of revenue lost as a result of this has reduced from £1.5bn in the 2005 to 2006 tax year to £400mn in the 2020-21 tax year" followed by "Moreover, it added, most of the tax avoidance schemes they promote “do not work"
They're saying MOST of these tax avoidance schemes don't work - but obviously SOME of them do otherwise they wouldn't be complaining about it. And to the tune of 1.5bn.
"and the taxpayers who enter them often end up paying large sums of money in tax bills︀ for the tax they always owed"
So they gov ends up getting extra money....and they︁ want to put an end to that?
You wrote︂ "Tax avoidance structuring which is illegal, will have advisors criminally charged" which can be interpreted︃ in different ways. I think tax avoidance structuring is legal, tax evasion structuring is not,︄ and promoters are responsible or not accordingly.
You are right in theory, but HMRC doesn't care too much about the vocabulary.
It should be clear by now that the UK is no longer entrepreneur-friendly, that's what we should keep in mind.
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"Tax avoidance structuring which is illegal, will have advisors criminally charged."
Context, you are missing the "xxxx, IMPORTANT PART".
True, haven't lived there in well over a decade, don't hold assets there, don't even touch pounds.
Completely removed myself from the nation.
Context, you are missing the "xxxx, IMPORTANT PART".
True, haven't lived there in well over a decade, don't hold assets there, don't even touch pounds.
Completely removed myself from the nation.
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