NEW TAX AVOIDANCE LAW
29 Feb, 2012
It has been reported that the next budget will see UK chancellor George Osborne announce a clamp down on corporate tax avoidance.
The Guardian has reported that Osborne will announce the new so called ‘generalised anti-avoidance rule’ in light of the Treasury’s closing down of two tax avoidance schemes which Barclays bank used to save £500 million of tax costs.
A spokesman from the Treasury commented: “We want to have a relationship of trust with businesses on their tax behavior,” according to The Telegraph.
Commenting on the closing of the tax avoidance loopholes, Barclays said in statement, earlier this week: “This situation arose when Barclays voluntarily disclosed to HMRC in a spirit of full transparency that it had repurchased some of its debt in a tax efficient manner.”
The UK Budget 2012 will be presented on Wednesday 21st March.