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| Version 1 | Version 2 |
|---|---|
| Government to 'name and shame' wealthy tax avoiders | Government to 'name and shame' wealthy tax avoiders |
| (40 minutes later) | |
| The government is promising to name and shame wealthy people who use "aggressive" tax avoidance schemes. | |
| Treasury minister David Gauke announced that companies offering such products would be forced to hand over details of their clients. | |
| The proposal is part of a government consultation on curbing tax avoidance. | The proposal is part of a government consultation on curbing tax avoidance. |
| Last month Prime Minister David Cameron condemned the use by comedian Jimmy Carr of a Jersey-based scheme as "morally wrong". | Last month Prime Minister David Cameron condemned the use by comedian Jimmy Carr of a Jersey-based scheme as "morally wrong". |
| 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. |
| 'Free ride' | 'Free ride' |
| 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. | 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. |
| They are considering measures to make finance companies disclose details of wealthy clients who take advantage of such schemes. | They are considering 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 criticised. | 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. | 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. | Companies could face fines of more than £1m if they flout the new rules. |
| 'Cowboys' | 'Cowboys' |
| In a speech to the Policy Exchange think tank, Mr Gauke said HM Revenue and Customs already had an "excellent compliance record", adding: "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. | "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." |
| 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. | 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." | "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. | 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. | Mr Carr last month confirmed making a "terrible error of judgement" after it emerged he used a complex scheme to reduce his tax bill. |