Tax avoidance and mitigation schemes

By Jon Leese
Click on the image above to download Indemnity Accounts, MFL Professional's insurance newsletter for the accountancy profession - June 2014 issue.

Tax avoidance and mitigation schemes – PI insurers running scared

“As the government and HMRC continue to clamp down on tax avoidance and mitigation schemes, Professional Indemnity Insurers of those accountancy practices involved in the provision of advice to their clients in connection with such schemes are starting to panic.

“The tax avoidance industry is in big trouble. Following on from the introduction of the Disclosure of Tax Avoidance Schemes (DOTAS) in 2004 and the news General Anti-Abuse Rule (GAAR) of 2013, the Chancellor stated in his March budget that taxpayers will have to pay their upfront pending the resolution of disputes between the providers of avoidance/mitigation schemes and HMRC. Furthermore, this requirement is to be back dated to 2004 when DOTAS began…”

Download a copy of our latest newsletter, Indemnity Accounts, which explains our approach in further detail.


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