This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/uk-politics-18949788#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

The article has changed 7 times. There is an RSS feed of changes available.

Version 0 Version 1
Crackdown on tax avoidance firms proposed by government Government to 'name and shame' wealthy tax avoiders
(about 7 hours later)
The government could force finance companies to hand over the details of wealthy individuals who take advantage of aggressive tax avoidance schemes. The government is promising to "name and shame" wealthy people who use aggressive tax avoidance schemes.
The proposal is part of a consultation on curbing tax avoidance. Treasury minister David Gauke will announce that finance firms will be forced to hand over details of the clients on their books.
Treasury minister David Gauke will tell the Policy Exchange think tank that scheme operators will be "named and shamed" for not sticking to the rules. The proposal is part of a government consultation on curbing tax avoidance.
Last month Prime Minister David Cameron condemned the tax arrangements of comedian Jimmy Carr as "morally wrong". Last month Prime Minister David Cameron condemned the use by comedian Jimmy Carr of a Jersey-based scheme as "morally wrong".
Face fines
That was one of a number of high-profile cases of people using financial loopholes to legally avoid large tax bills.That was one of a number of high-profile cases of people using financial loopholes to legally avoid large tax bills.
The Treasury estimates that 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.
They are considering new measures to make finance companies disclose details of wealthy clients who take advantage of such schemes.
These firms will also have to say how all their tax avoidance schemes work, not just the ones for which they are being pulled up.
This is alongside plans to legislate to curb tax avoidance through a general anti-avoidance rule.
The companies could face fines of more than £1m if they flout the new rules.
'Free ride''Free ride'
Mr Gauke will say: "We are building on the work we have already done to make life difficult for those who artificially and aggressively reduce their tax bill. The Treasury estimates that 14% of all unpaid tax income is due to aggressive avoidance schemes. Although they are not illegal, ministers are promising to clamp down on them.
"These schemes damage our ability to fund public services and provide support to those who need it. They are considering measures to make finance companies disclose details of wealthy clients who take advantage of such schemes.
"They harm businesses by distorting competition. They damage public confidence. These firms will also have to say how all their tax avoidance schemes work, not just the ones for which they are being criticised.
This comes alongside plans to legislate to curb tax avoidance through a general anti-avoidance rule.
Companies could face fines of more than £1m if they flout the new rules.
'Cowboys'
In a speech to the Policy Exchange think tank, Mr Gauke will say: "We are building on the work we have already done to make life difficult for those who artificially and aggressively reduce their tax bill.
"These schemes damage our ability to fund public services and provide support to those who need it. They harm businesses by distorting competition. They damage public confidence.
"And they undermine the actions of the vast majority of taxpayers, who pay more in tax as a consequence of others enjoying a free ride.""And they undermine the actions of the vast majority of taxpayers, who pay more in tax as a consequence of others enjoying a free ride."
Mr Carr last month confirmed making a "terrible error of judgment" after it emerged he used a complex scheme to reduce his tax bill. In a column for the Times newspaper, Mr Gauke wrote: "Legitimate use of reliefs, for example taking out a tax-free ISA, is not avoidance. Buying a house for personal use through a company to avoid stamp duty, on the other hand, clearly is.
"Morally repugnant practices such as this are where the government is cracking down."
He promised to deal with "cowboy advisers", who devise and sell schemes to divert money away from the Exchequer.
Mr Carr last month confirmed making a "terrible error of judgement" after it emerged he used a complex scheme to reduce his tax bill.