CREATING a general anti-avoidance rule to act as a deterrent, rather than creating a mass caseload to deal with, seems to be borne out by the latest Budget figures.
The general anti-abuse rule, which will come into force this summer, will see a £235m haul between 2104 and 2018. But its impact on deterring avoidance, while no doubt higher, is impossible to quantify, according to Deloitte tax policy head Bill Dodwell.
“You can’t work out an absolute saving, for a deterrent,” said Dodwell.
Its enactment into law through the 2013 Finance Bill intends to clamp down on tax schemes that are abusive yet difficult to specifically legislate against.
An advisory panel, which includes Dodwell, has been put together to review schemes and determine whether they are contrived. The panel does not include HMRC representation.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up