Government urged to act after four more tax avoidance schemes identified

As reported in LondonLovesBisiness.com on wednesday 11 September, HMRC has added four more tax avoidance schemes to its list of known avoidance promoters. The update, issued on 5 September, should be welcomed – but instead, it raises questions about HMRC’s anti-avoidance strategy.

Government urged to act after four more tax avoidance schemes identified

This is according to Qdos, a tax compliance expert and insurance provider. While a growing number of avoidance schemes are identified, thousands of contractors and freelancers remain exposed to non-compliance risks.

The explosion in tax avoidance schemes identified in recent years – HMRC’s list began in 2022, and there are around 100 identified schemes – which indicates a growing issue, driven by the introduction of the off-payroll working rules (‘IR35 reform’) and a lack of umbrella regulation.

While previous governments have attempted to recover tax revenues lost to avoidance schemes through controversial methods, such as the Loan Charge, Qdos believes an urgent change in strategy is needed.

This includes introducing regulation of the umbrella sector, and holding scheme operators to account, as well as ensuring that flexible workers and other vulnerable self-employed workers are better protected against exploitative practices.

20 January 2024

CHINA: China Extends Unilateral Visa-Free Policy to Switzerland, Announces FTA Upgrade

On January 15, 2024, China announced the implementation of a visa-free policy for citizens of Switzerland. The news comes in the wake of a meeting between Swiss President Viola Amherd and Chinese Premier

Read More
7 October 2024

CAREY OLSEN: Carey Olsen shortlisted for Offshore Firm of the Year at The Lawyer European Awards 2024

Press Release from Carey Olsen, Tuesday 17 September, 2024. Leading offshore law firm Carey Olsen has been shortlisted for Offshore Law Firm of the Year at The Lawyer European Awards, having won the

Read More
19 April 2024

TAX EVASION: Prosecutors seek 12-year sentences for ‘Panama Papers’ accused

The prosecution sought 12-year prison sentences Wednesday for the founders of a now-defunct law firm at the center of the so-called “Panama Papers” tax evasion scandal. Jurgen Mossack and

Read More
7 December 2024

ASIA: South Korea to Delay Crypto Tax

South Korea’s cryptocurrency tax policy is once again in the spotlight, following a series of delays that have become emblematic of the challenges faced by regulators worldwide. Initially planned

Read More