Tax & Accounting News

Tax avoidance schemes highlighted

12/08/2010

HM Revenue and Customs (HMRC) has revealed details of tax avoidance schemes which have been reported to them by accountancy firms and other financial companies.

During the six-month period from 1 October 2008 to 31 March 2009, a total of 67 avoidance schemes were revealed by groups including law firms, banks and other financial institutions.

Of those, 31 were put forward by accountancy firms – 14 by the ‘Big Four’ and 17 from other firms.

This marked a significant decline compared to earlier figures, when a far greater number of schemes were highlighted, and accountancy firms made the vast majority of reports.

For example, between 1 October 2004 and 31 March 2005, there were 244 disclosures, of which 188 were made by accountancy firms. This highlights HMRC’s present stance on the use of schemes.