THE HUNDRED GROUP of finance directors has thrown its weight behind government consultations designed to scupper tax avoidance, it has emerged.
The influential group of the UK’s top FDs has backed the ‘lifting the lid on tax avoidance schemes’ (LLTAS) initiative, which would see current disclosure of tax avoidance schemes (DOTAS) facilities extended and included the proposal that the taxman can request client lists from firms and individuals suspected of providing abusive schemes.
It also expressed its support for the general anti-abuse rule (GAAR), which is likely to come into force in April next year. The GAAR is designed to gauge the ‘reasonableness’ of tax schemes – and stamp out those deemed as contrived.
In the LLTAS response, in a letter to HMRC, the group’s tax committee chairman Andrew Bonfield said “there should be a better public awareness of tax avoidance arrangements and their risks and believe there could be a case for revisions to the DOTAS hallmarks”.
In the group’s response to the GAAR consultation, it recommends the inclusion of the words “abnormal” and “contrived” in the definition of tax schemes falling within GAAR’s scope.
In responses to the two proposals, Bonfield said the body “agrees with the government’s stance on unacceptable tax avoidance and support the steps being taken, including the introduction of a GAAR”.
Bonfield, who has been chairman of the tax committee of the Hundred Group since 2010, is CFO of National Grid.
Tax breaks are a very enticing incentive for developing and managing a green management strategy, writes Graham Jarvis
Chancellor Philip Hammond has indicated that he will scrap predecessor George Osborne’s pledge to cut corporation tax to below 15%
Large businesses are increasingly ‘low risk’ when it comes to tax planning, says Pinsent Masons, the international law firm
The European Commission has ordered Apple to pay a record €13bn (£11bn) in back taxes after it ruled the Silicon Valley tech giant’s Irish tax scheme was illegal.