John Cullinane, CIOT's Tax Policy Director, said: «We recognise that HMRC needs to take action against artificial and
abusive tax schemes.
Not exact matches
The CIOT believes that the more straightforward the
tax system the less opportunities there are for aggressive and
abusive tax avoidance
schemes; and the less need there is for costly HMRC intervention.
«It is important that HMRC's resources are targeted at those who promote and take advantage of
abusive schemes, rather than creating bureaucratic procedures that will make life harder for mainstream
tax advisers and their clients.
The underlying facts involved what the Canada Revenue Agency (CRA) alleged was an
abusive tax avoidance
scheme.
Section 1031 exchanges structured under the IRS regulatory safe harbors are neither
tax savings vehicles nor «
abusive tax avoidance
schemes.»