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The latest measures aimed at countering tax avoidance.
KEY POINTS
- Proposed changes to the GAAR may lead to confusion and complexity.
- Serial tax avoiders face stringent sanctions.
- Large businesses must publish their tax strategy.
- Reasonable excuse defence for failure to notify offshore income.
Part 10 of the Finance Bill 2016 contains a further raft of measures introduced as part of the government’s ‘war’ on tax avoidance. These days there is almost no point in questioning whether such measures are required or will make any real difference to the tax that is lost each year through avoidance. It will therefore be essential for advisers to be clear on the scope of these rules even if as is likely they are of limited practical importance to most taxpayers and advisers.
The new proposals cover changes to the general anti-abuse rule (GAAR)...
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