Fraud Crackdown Measures Short of Feared Onslaught Tax Avoidance

The Herald › March 23, 2006

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Summary

A NEW clutch of measures aimed at thwarting corporate tax avoidance and fraud was unveiled yesterday, but the crackdown fell short of the fresh onslaught which some advisers feared.

The Treasury said it plans to raise a relatively modest GBP295m in 2006/07 from measures announced to tackle various schemes which finance directors and corporate lawyers have employed to cut firms' tax bills. These include provisions to address artificial losses generated by companies in relation to financial products, and to prevent abuses of charitable reliefs.

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Extract

Fraud Crackdown Measures Short of Feared Onslaught Tax Avoidance

Mr Brown also moved to counter avoidance of capital gains tax, preventing individuals and trustees exploiting so-called "bed-and- breakfasting" ...

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