What is tax avoidance?
HMRC has published an introduction to tax avoidance, explaining what, in its opinion, tax avoidance is, and what are the outcomes.
HMRC says that tax avoidance “involves bending the rules” to gain an unintended advantage.
It then goes to list some warning signs:
- It sounds too good to be true;
- Pay is given in the form of loans;
- The benefits of the scheme are out of proportion to the money generated or the costs;
- Money goes round in circles; and HMRC have given it a Scheme Reference Number (SRN).
The guidance also links to a list of tax avoidance schemes of which HMRC is aware.
Date: 10th October, 2016
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