HMRC pursues Turkish Lira One investors

The taxman is getting steadily more aggressive in pursuing suspected tax dodgers, reports the Financial Times. It has written to investors in a tax avoidance scheme called ‘Turkish Lira One’ telling them that if they do not settle the tax HMRC says is due, they will face a tax tribunal and ‘possible adverse publicity’. And, as experts helpfully remind us, interest on the tax bill and penalties for late payment as well.

These days it is generally thought that the appetite for aggressive tax avoidance plans has all but disappeared. Most accept now that it pays to stick with tried and tested “acceptable” tax planning.