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Labour’s warning on higher tax penalties

Ed Balls blogged that he does not see having to repay tax attempted to be avoided without a penalty as a disincentive.  He said that Labour will bring in a tough penalty regime for the General Anti-Abuse Regime (GAAR) with fines of up to 100% of the value of the tax to provide a tough and genuine deterrent.

The GAAR is still new and, as yet, there is no record of any application of the provisions.

https://www.mercerhole.co.uk/business-blog/hmrcs-gaar-guidance-continued

https://www.mercerhole.co.uk/business-blog/general-anti-abuse-rule-gaar

 

 

Date: 8th December, 2014
Author: Caroline Stark

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