HMRC continuously reviews tax schemes which are potentially abusive and regularly closes them down.
As a consequence, many scheme participants are left in a worse financial position than they would have been if they had not tried to avoid tax.
Schemes which HMRC has challenged include:
- Employee Benefit Trusts (EBTs)
- Employer-Finance Retirement Benefits Scheme (EFRBS)
- K2 Scheme
- VAT Splitting
- VAT Artificial Leasing
- Sideways Loss Relief
- Stamp Duty Avoidance
- Stamp Duty Sub-Sale Relief
- Stripped Bond Scheme
This list is by no means exhaustive and legislation is evolving rapidly. We can help you to make any necessary disclosures and endeavour to mitigate any resulting taxes and penalties due. To find out more please contact us.