Avoidance Intelligence Unit
Originally sent: July 19, 2004Were you wondering where Inland Revenue and Customs & Excise planned to redeploy all the staff the announced rationalisation of their departments will make redundant? Or perhaps you had imagined large numbers of unemployed tax inspectors queuing up cap in hand at the local Benefits Office? Well, wonder and imagine no more. We now have inside information on where all those surplus tax officials will find themselves later this year - the newly formed Inland Revenue Avoidance Intelligence Unit.
You haven?t heard of the Avoidance Intelligence Unit? I am not really surprised - it is only just being set up by Inland Revenue as you read this e-mail and will not be operational for a few more months. But the annual budget for the Unit has already been set by Inland Revenue at about ?1,500,000, with an initial set up cost in the region of ?4,000,000. That is around ?5,500,000 Inland Revenue are planning to spend this year alone simply, as Inland Revenue says in its Regulatory Impact Assessment, to ?understand the tax avoidance market and assist in avoidance proofing legislation?.
Together with the new requirement for promoters and clients to inform Inland Revenue of the use of tax avoidance schemes, this suggests we are moving into a new tax planning era. An era in which tax mitigation rather than tax avoidance moves to the fore.
For those financial advisers who are properly prepared this is, in fact, going to be a very exciting and profitable era.
Adviser Breakthrough Training Solutions Ltd. takes no responsibility for loss occasioned by any person acting or refraining from action, or in consequence of any other person acting or refraining from action, as a result of the material in this article.
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