TAX ADVISERS who push “high-risk” schemes on clients will face fines of up to £1m under government plans revealed yesterday.
Her Majesty’s Revenue & Customs also wants to name and shame promoters of tax avoidance strategies deemed to be too risky, in the hope that customers will steer clear of these providers.
Tax advisers that fail to hand over information on their schemes to the taxman would be slapped with penalties worth up to £1m.
“The vast majority of tax advisers are not high-risk and have moved away from selling aggressive avoidance schemes but there is still a minority that persists in promoting these schemes,” said David Gauke, exchequer secretary to the Treasury.
“We want to make life as difficult as we can for them and demonstrate that there is no tolerance for aggressive tax avoidance.”
A consultation on the new rules will close in October.
A number of large British firms have come under fire for using complex structures to minimise their tax bills in the UK.
Prime Minister David Cameron said at the G8 summit in June that national leaders will work to clamp down on corporate tax avoiders.