UK Retail Tax Avoidance Schemes Have Dried Up, Report Says

Law360 (July 31, 2019, 4:37 PM EDT) -- Mass-market promoters of tax avoidance schemes have overwhelmingly withdrawn from the market in the U.K., according to a report from the House of Commons Treasury Committee released Wednesday.

While some small firms operating within the U.K. still attempt to promote avoidance schemes, they aren't widely used, the report said.

Among the tax planning maneuvers that have largely disappeared are payments to taxpayers in the form of interest-free loans, according to the report. The loans, which were never intended to be repaid, reduced national insurance and income tax payments to zero. HM Revenue & Customs, the U.K. tax authority, has recently moved...

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