A House of Lords report encouraging the government to take tough action against ‘hard core’ promoters of tax avoidance schemes has been very much welcomed by the CIOT.
The recommendation is among those in a report from the House of Lords Economic Affairs Committee Finance Bill Sub-Committee, published on Saturday 19th December.
The report also draws on CIOT evidence in a number of other areas, including reducing the demand for tax avoidance schemes and the challenges of identifying an ‘uncertain tax treatment’, in making its recommendations.
Commenting on the Committee’s recommendations in relation to promoters of tax avoidance schemes (POTAS), CIOT Head of Technical Richard Wild (who appeared as a witness before the Committee) said, “The Committee is right to back the government’s strategy of tough action against those who devise, promote and sell tax avoidance schemes. They are also right to highlight the need for such action to be proportionate, carefully targeted and accompanied by safeguards.