Tax Crackdown Continues

In his Autumn Statement, Chancellor George Osborne confirmed that the government would introduce a General Anti Abuse Rule (GAAR) into UK tax law in 2013. Its aim would be to limit the use of artificial, aggressive tax avoidance schemes. The Daily Mail reported that an HMRC tribunal on the case of the Ingenious film investment schemes used by many high-profile footballers, celebrities and businessmen to avoid substantial amounts of tax would be heard early next year. HMRC had ruled against the schemes.
The Ingenious tribunal decision will be awaited anxiously by the thousands of people who used it and similar schemes. Once the GAAR is enacted, schemes of this type are much less likely to be launched.