Featured on the HMRC website is a list of tax avoidance schemes that are currently in the “Spotlight”. These schemes featured are generally those that HMRC consider to have the widest implications and therefore potential users of the schemes should be warned. Tax avoidance is not to be confused with tax evasion. Tax avoidance is the legal practice of using tax regimes to reduce the amount of tax that is payable by means that are within the law. HMRC has never approved an avoidance scheme, but this does not mean that it is illegal; however it is almost guaranteed that you will be subjected to a HMRC enquiry, should you decide to use a scheme. To view the schemes currently in the ‘Spotlight’, please click here.
If you are using a tax avoidance scheme, or are thinking about entering into a tax avoidance scheme and would like further advice, please contact Neill Staff at email@example.com.