Tax Avoidance in the UK in the Autumn Statement

The Chancellor Philip Hammond announced in his Autumn Statement this week that he pledges to recover £2bn lost to the economy as a result of tax avoidance, tax evasion and aggressive tax planning.

He confirmed that this will be achieved through existing and new initiatives, reaffirming the government’s objective of reducing the tax deficit in the UK.

A new measure that was introduced surrounds the closure of salary sacrifice schemes which allows employees to benefit from perks paid out of their gross earnings. Such schemes allow companies to reduce the payment of PAYE and national insurance.

Mr Hammond also confirmed that a penalty would be imposed on advisers that had facilitated the use of tax avoidance schemes that are defeated by HMRC.

HMRC has warned investors in the Eclipse 35 Film Partnership scheme that they potentially face receiving Accelerated Payment Notices which will demand that the repayment of back dated tax is paid within 90 days.

Wealthy investors in the complicated schemes include hundreds of celebrities and sportsmen and women.

Tax advisers have now warned that many of them face tax bills running into the millions, and it could declare many bankrupt.

Our team of tax investigations and disclosures professionals assist individuals who may have unpaid tax liabilities in bringing their affairs up to date.

If you would like to discuss your circumstances in complete confidence call our team on 0113 387 5670, email enquiries@forthsonline.co.uk or fill out an Enquiry Form and we will contact you directly.