PLANS TO CRACK DOWN ON TAX AVOIDANCE

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Plans for a powerful new weapon against “highly abusive, contrived and artificial” tax schemes will be published in a Treasury-commissioned report on Monday. The proposals come as the government faces public pressure to curb tax avoidance. The report has tried to overcome business objections to a general anti-avoidance rule (GAAR). The Treasury will consider the recommendations before reporting back at the time of the next Budget. Business groups are likely to welcome the report, while reserving judgment on whether the proposed GAAR would succeed in retaining a tax regime that is attractive to companies while deterring avoidance.
http://www.ft.com/intl/cms/s/0/8fbfda34-139c-11e1-9562-00144feabdc0.html#axzz1eY4zhzqR

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