In its recently published report on the 2005 Finance Bill, the House of Lords gave its broad support to a number of measures designed to allow HM Revenue and Customs to crack down on tax avoidance.
According to reports, the upper house made a U-turn over the five day time limit for reporting 'bespoke' tax reduction schemes, coming out in favour of the threshold, despite its assertion last year that the limit should be extended.
The Lords explained in the report that:
“We received strong representations about the five-day reporting time limit last year and the issue continues to evoke disquiet from some private sector witnesses. However, in the light of the evidence from HMRC, which we find compelling, we are not repeating our recommendation of last year that further consideration should be given to increasing the time limit to 30 days.”
The report also stated that the wording of Schedule 1, concerning the disclosure of VAT avoidance schemes, was "proportionate and appropriately targeted", and expressed support for the back-dating of measures designed to curb abusive share remuneration packages.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment