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Strengthening Sanctions for Tax Avoidance - HMRC proposal

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    #11
    Year zero or HMRC timemachine?

    Originally posted by TykeMerc View Post
    True enough, but to tackle that they need to reconstruct the way Ltd companies work or force one man band Ltd's into an alternative format. It seems that the second concept is live in the proposals for Freelance Limited Companies (FLC's) which that august contractor stalwart body (I'm being sarcastic here) appears to support.

    The document linked appears to me to just be a continuation of the crackdown on schemes and ornate, artificial income structures which I think the majority of us can safely say we saw coming ages ago. Anyone naive enough to join or to have continued to have used a scheme without putting aside a very large contingency pot for when the HMRC hammer falls is quite frankly deserving of the treatment they get.
    The writing was clearly on the wall for schemes some years ago.
    So what do you rekon? Will there be a year zero as the date that GAAR came into force, after which repeated use of avoidance schemes will be impacted by this legislation, or will they go back and look at everyone that used a scheme since the year dot and apply it to that.

    On another note - my accountant rekons it's also an attempt to strengthen the settlement argument because if you settle, without prejudice, then you will not have been a member of a failed scheme.

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      #12
      A lot depends on what is meant but a tax arrangement post 2013.

      If you did a scheme pre that date but (for example) had the loans reorganized/repaid/written off, post that date, is the later event post 2013?

      Could it be argued that the arrangement arose before then?
      Best Forum Adviser & Forum Personality of the Year 2018.

      (No, me neither).

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        #13
        Quickly read through my self and agree that it does not look like applying to arrangements before. I stopped 3 months after first letter from HMRC i.e. Feb 13. Have been limited company since then.

        So until they apply this to limited companies which would be very far fetched ( as GAAR is for abusive etc), all who stopped using these schemes should be ok.

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          #14
          This is not intended as a criticism of any on in particular, and much of this forum is very helpfulm but I hope nobody is taking any of the advice given as gospel.

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