ARTICLE · 06 JUNE 2012

Weekly Tax Update - Monday 28 May, 2012

Smith & Williamson

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A Parliamentary report has been produced into a general anti-abuse rule (GAAR).

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Smith & Williamson

1. General news

1.1. GAAR

A Parliamentary report has been produced into a general anti-abuse rule (GAAR). It presents a background and summary of the issues discussed and leading to the Government's comment at the 21 March 2012 Budget that it would introduce a GAAR on the lines suggested by the Aaronson study group (see Tax Update 28 November 2011) from 2013.

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel= pageLibrary_ConsultationDocuments&propertyType=document&columns=1&id=HMCE_PROD1_032074

1.2. Higher penalties for income tax and capital gains tax involving offshore matters

HMRC has issued a factsheet giving information on the higher penalties applicable to income tax and capital gains tax involving offshore matters. The penalties can be as high as 200% of the tax involved.

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