More anti-avoidance measures

Posted by in

The Chancellor hopes to raise another £12 billion from anti-avoidance measures announced in the Budget.

A Budget would not be a Budget without the announcement of a range of new measures to counter tax avoidance and tax evasion. The latest Budget did not disappoint. Among the targets under the heading of “Avoidance, Evasion, Imbalances, and Operational Measures” were:

This trio is a reminder that the anti-avoidance net is spreading ever-wider, to areas which once seemed to be accepted practice. The imposition of a tax on EBT loans, long after they were made is a classic example. In many instances the loan was made with the intention that it would run for decades. Now those who spent their everlasting loans could face financial ruin.

There are still areas where you can save tax – for example, the Chancellor explicitly endorsed salary sacrifice for pension provision in his Budget – but grey areas are turning increasingly black. As ever, the key is to take advice and consider all your options before acting.

Stack of coins

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.

Newsletter Signup

We send out a quarterly newsletter. If you would like to receive a copy please sign up below.