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Tax avoidance firms under scrutiny

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23/07/2012
Government plans to crackdown on aggressive tax avoidance schemes by forcing companies to hand over details of wealthy clients using the set ups.

The BBC reports the plan is part of a consultation on cutting tax avoidance. Treasury minister David Gauke is set to tell the Policy Exchange think tank that scheme operators will be named and shamed for not playing by the rules.

Last month comedian Jimmy Carr was exposed by a national newspaper for his use of a tax avoidance scheme.

He apologised to the public shortly afterwards.

The Treasury estimates about 14% of all unpaid tax income is due to aggressive avoidance schemes. Although they are not illegal, ministers are determined to clamp down on them, the BBC added.

As well as disclosing clients’ details, the firms will also have to say how all their tax avoidance schemes work, the report said.

The move comes alongside plans to legislation to curb tax avoidance through a general anti-avoidance rule.

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