Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Chancellor George Osborne delivers his last budget before the General Election

Read more...

Tax planning for 5 April 2015

Read more...

HMRC Tax schemes updates

Read more...

One million people have underpaid - to the tune of £600 each. 17/10/11

Read more...

RTI switchover HMRC latest

Read more...

Contact Us

News Items

Tax Tips

Great with People
Brilliant with Numbers
Clear and Precise with Words
 


Call us now on 023 8083 6900 ABDS Home

News - 18 July 2013

HMRC claim over £1billion in tax avoidance saved.

The total amount of tax protected by tackling corporate tax avoidance schemes has passed £1 billion in the first six months of 2013.

Announcing the figure at the first annual HM Revenue and Customs (HMRC) Stakeholder Conference, David Gauke, Exchequer Secretary to the Treasury, said:
“Today I can announce that HMRC has topped £1 billion this year in court wins against corporate tax avoidance, following a judgment worth almost £88 million, involving a company called Vocalspruce and a scheme promoted by Price Waterhouse Coopers.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Vocalspruce, at the time part of a FTSE-listed group, lost its bid to convince a tax tribunal that the avoidance scheme worked as intended. This case has delivered over £62 million to the UK’s coffers, as other users of the failed scheme settled up. It also has major implications for 43 similar cases, protecting over £87 million.”

Welcoming the Tribunal decision, Mr Gauke said:
“These are complex, intricate schemes and without the technical skills, resources and sheer commitment of HMRC’s specialists they would go unchallenged, costing the country billions of pounds every year.”

The Government has invested nearly £1 billion in HMRC to come down hard on avoidance, evasion and fraud and they will continue to challenge abuses like this wherever they find them.

If you need any help and advice for your business on Partnership Tax, Corporation Tax or you need to keep abreast of changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Great with People  Brilliant with Numbers Clear and Precise with Words

« Back to News