Autumn Statement: The City Reacts

Emma Loveday commented on the tax elements of the Autumn Statement in an article published in Spear's magazine on 23 November 2016.

Commenting on the news that the government will introduce a new penalty for those that enable a tax avoidance scheme which is later challenged by HMRC and defeated in the courts, Emma Loveday, partner at Wedlake Bell says: 'The Chancellor continued in the same vein as his predecessors in targeting tax evasion, tax avoidance and "aggressive tax planning", and included confirmation that the government will introduce a new penalty for those that enable a tax avoidance scheme which is later challenged by HMRC and defeated in the courts. Tax advisers will be concerned at the apparent equation of "tax planning" with tax evasion and will want there to be a clear line within the proposed legislation so that advisers can be sure that standard and legitimate planning is not affected, and neither are individuals deterred from fairly organising