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/business-28227865

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
David Beckham among 33,000 to receive new tax demand David Beckham among 33,000 to receive new tax demand
(2 days later)
Some of the biggest names in business, entertainment and sport will soon be receiving letters demanding payment of disputed tax bills.Some of the biggest names in business, entertainment and sport will soon be receiving letters demanding payment of disputed tax bills.
Under the new finance bill, which will become law in the next few weeks, HM Revenue and Customs (HMRC) will gain new powers to make them pay upfront.Under the new finance bill, which will become law in the next few weeks, HM Revenue and Customs (HMRC) will gain new powers to make them pay upfront.
About 33,000 people who invested in tax avoidance schemes will be affected.About 33,000 people who invested in tax avoidance schemes will be affected.
Among them are footballer David Beckham and business leaders such as Centrica chief Sam Laidlaw.Among them are footballer David Beckham and business leaders such as Centrica chief Sam Laidlaw.
The list also features current regulators including former London Stock Exchange boss Clara Furse.The list also features current regulators including former London Stock Exchange boss Clara Furse.
About 33,000 people who invested in tax avoidance schemes will be affected.
They will be asked to pay the disputed tax within 90 days of receiving the letter.They will be asked to pay the disputed tax within 90 days of receiving the letter.
They will only get the money back if the dispute is eventually settled in their favour.They will only get the money back if the dispute is eventually settled in their favour.
They may get the money back if HMRC ultimately loses legal arguments, but in the meantime, the money will be in the Exchequer rather than in their pockets.They may get the money back if HMRC ultimately loses legal arguments, but in the meantime, the money will be in the Exchequer rather than in their pockets.
The government hopes the new rules and the inability to defer tax payment for years will make these schemes less attractive.The government hopes the new rules and the inability to defer tax payment for years will make these schemes less attractive.
A spokesman for HMRC described the new powers as a "game-changer" in the battle against tax avoidance.A spokesman for HMRC described the new powers as a "game-changer" in the battle against tax avoidance.
AvatarAvatar
There are many different types of scheme, but most involve the investor putting money into a venture that, on paper at least, makes losses.There are many different types of scheme, but most involve the investor putting money into a venture that, on paper at least, makes losses.
Those losses can be set against other earnings, bringing the individual's total income down, resulting in a lower tax bill.Those losses can be set against other earnings, bringing the individual's total income down, resulting in a lower tax bill.
The tax authorities consider this to be deliberate avoidance of tax and are challenging the legality of many of these structures.The tax authorities consider this to be deliberate avoidance of tax and are challenging the legality of many of these structures.
Investment schemes to finance films share some of these characteristics.Investment schemes to finance films share some of these characteristics.
A spokesman for one company that arranged film-financing schemes said they helped fund investment in films including Avatar and The Life of Pi.A spokesman for one company that arranged film-financing schemes said they helped fund investment in films including Avatar and The Life of Pi.
He pointed to successive governments' policy of encouraging investment in UK films by offering favourable tax treatment.He pointed to successive governments' policy of encouraging investment in UK films by offering favourable tax treatment.
Speaking to the Treasury Select Committee, HMRC's chief executive, Lin Homer, said that some of these schemes required investors to pay into a potential litigation fighting fund and to promise not to come to any personal agreement or settlement with HMRC.Speaking to the Treasury Select Committee, HMRC's chief executive, Lin Homer, said that some of these schemes required investors to pay into a potential litigation fighting fund and to promise not to come to any personal agreement or settlement with HMRC.
That, she said, should have set alarm bells ringing and was evidence of the true nature of these arrangements.That, she said, should have set alarm bells ringing and was evidence of the true nature of these arrangements.
DebtorsDebtors
In addition to being granted the powers to demand payment now for tax bills still in dispute, HMRC is also seeking additional powers to take money directly from individuals' bank accounts.In addition to being granted the powers to demand payment now for tax bills still in dispute, HMRC is also seeking additional powers to take money directly from individuals' bank accounts.
It says it needs this power in exceptional circumstances when tax bills that are not in dispute are still not paid.It says it needs this power in exceptional circumstances when tax bills that are not in dispute are still not paid.
It says there are some 17,000 of what Lin Homer called "recalcitrant debtors".It says there are some 17,000 of what Lin Homer called "recalcitrant debtors".
That proposal is currently undergoing a consultation process that ends in three weeks.That proposal is currently undergoing a consultation process that ends in three weeks.
If approved by parliament, which is by no means certain, it will be in force in a year's time.If approved by parliament, which is by no means certain, it will be in force in a year's time.