Not the GREATEST DAY to SHINE for Gary Barlow

Once again a high profile celebrity hits the headlines with tax avoidance. There is nothing wrong with tax avoidance, it’s tax evasion that is criminal, however in today’s world morality also plays a part and now it seems aggressive tax avoidance is becoming equally as bad as evasion.

So should poor Gary give up his OBE? I personally don’t think so. Unfortunately as we all know there is a fine line and often grey area of tax legislation and advisors all have their opinion of this. Gary would have paid for advice around the scheme he “invested” in and even if it was to save tax you can’t blame him.

The whole issue is that HMRC stance has become more aggressive also and the argument of “this is not what the legislation was intended to do” is simply no help for the tax payer when these schemes are marketed by professionally qualified people who have interpreted the legislation differently to the original purpose. For many years this has been an unofficial battle between accountants and HMRC officers and now it seems the end is in sight, with HMRC looking to name and shame advisors are HM Government winning the tax battle at last?

Time will tell where this will end but one thing is clear, if it is too good to be true, think twice.

Submit a Comment

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>