I am sure everyone in the industry worth their salt knows the difference between tax avoidance and tax evasion: one is legal and the other is definitely illegal.
Tax evasion is what the jockey Lester Piggott got done for years ago, and as result lost his knighthood, while tax avoidance is what every good adviser spends their time trying to do on behalf of their clients. The subject is beginning to rear its head again, partially as a result of the Government’s review aimed at simplifying the tax system in this country, but more importantly because the Inland Revenue, or HMRC as we must now call it, is looking at maximising revenue by collecting more tax. The worrying thing is HMRC seem to be taking a different view of what constitutes evasion a...
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