The Society of Trust and Estate Practitioners (STEP) are calling for a crack down on tax avoidance due to the emerging trend of avoidance by the wealthy.
STEP have unveiled a five-point programme that could assist HMRC in the prevention of tax avoidance.
- Simplifying the tax system.
- Designing taxes with a stronger emphasis on potential abuses.
- Better consultation on any tax change which is proposed.
- Making advisers responsible for advising clients of aggressive tax avoidance schemes.
- Closer collaboration between professional bodies and tax authorities with a view to tackling international tax avoidance.
Find out more about the proposed plan on Tax News.