Special measures for tax avoiders
HMRC is preparing to announce that companies which try to avoid tax could be put into "special measures" and their affairs placed under greater scrutiny. HMRC is expected to launch a consultation setting out the details of plans announced by the Chancellor in the Budget, aimed at tightening up tax compliance rules for large businesses report Harris & Co chartered accountants Northampton.
Amongst the new policies aimed at cracking down on corporate tax avoidance is a "voluntary Code of Practice", which the government says will define "the standards HMRC expects large businesses to meet in their relationship with HMRC".
Tackling what it seems as avoidance has so far seen HMRC rake in almost £27bn. In its annual accounts it said total revenues from compliance were up from around £18bn in 2011-12, while successful litigation protected £9.79bn in tax.