Budget 2013 announced various anti-avoidance measures aimed at the loan to participators/overdrawn directors accounts s.455 tax charge.
HMRC announced three more disclosure facilities in quick succession as they attempt to tighten the net on tax evaders operating closer to the UK.
There has been much publicity in the media in recent months over tax avoidance, and whether certain parties are paying the “right” amount of tax. The theme of fairness ran through three recent tax cases heard by the courts.
In many ways these new tax treaties are similar to the Liechtenstein Disclosure Facility (LDF) which has been operating for some time now. It therefore makes sense to consider them in the light of experience and lessons learned from the LDF.
Draft proposals under the Finance Bill 2013 could make it much easier to qualify for entrepreneurs’ relief on shares acquired through a qualifying EMI share option scheme.