World Economy

Tough Rules for Tax Avoidance

Tough Rules for Tax AvoidanceTough Rules for Tax Avoidance

Accountants or advisers who help people bend the rules to gain a tax advantage never intended to face tougher fines under new penalties proposed by the British Treasury, BBC reported. A fine of up to 100% of the tax that was avoided—including via off-shore havens—has been suggested in the new rules, published for consultation. Currently those who advise on tax face little risk, while their clients face penalties only if they lose in court. The rules would “root out” tax avoidance at source, the treasury said. The rules in the consultation document also make it simpler to enforce penalties when avoidance schemes are defeated.


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