Journal :: Avoidance Intelligence Unit

Published: July 19, 2004
Author: Graham Dragon
Category: Tax
Permalink: Avoidance Intelligence Unit

Were 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.

Found this article helpful?

Why not sign up for our Journal to have articles like these emailed to you regularly so you can stay ahead of the game. Alternatively, continue reading our Journal Archive.

About Graham Dragon

Note: We do not accept liability for the content of our e-mail Journal or for the consequences of any actions taken or not taken by yourself or any third party on the basis of the information provided. We are unable to advise you on tax matters. If you wish to obtain further information or help on this or on any other tax matters you should consult with a tax accountant or other suitably qualified and experienced tax professional.

Share This Article

About the Adviser Breakthrough Journal

Adviser Breakthrough Solutions provides the IFA community with a FREE and easy way to keep ahead of the game. Subscription to this journal is FREE. To sign up simply enter your name and email address below.

View Journal Archive

Journal Categories

Back Office (10)

The Back Office Tip of the Month is your opportunity to find out what is working well for other advisers, and save having to reinvent the wheel yourself. It will cover the broad spectrum of the ways in which successful practices organise themselves, as well as some of the industry specific processes which help make our jobs easier.

Client Care (7)

We all want to ensure we continue to give the very best service to our clients.

In the Client Care Tip of the Month we will share ideas other advisers have found help them to maintain excellence in the ways they look after their clients.

Marketing (16)

Any business that wants to survive has to get its marketing right. In the midst of an economic boom, plenty of businesses go bust; and in the midst of a recession, plenty of businesses grow from strength to strength. The difference between the two types of business is almost invariably linked to their marketing.

In the Marketing Tip of the Month we will share with you some marketing ideas successful advisers are using right now to ensure their practices not only survive, but thrive.

Money Making (6)

As a financial adviser you are not here to practise an interesting hobby. Your practice is a business. A business which should provide you with the income you want.

The Money Making Tip of the Month recognises this, and will provide you with ideas which you can adapt to ensure you really get the income you want out of your practice.

Motivational (3)

It is a fact of life that the more motivated we are, the more we can achieve. But it also seems to be a fact in our industry that wherever we turn we see news and gossip that demotivates rather than motivates us.

The Motivational Tip of the Month is intended to reverse that negative trend. It will be a reminder of just why we joined our profession in the first place and is designed to inspire you to achieve the great things of which you really are capable.

Tax (76)

Most clients recognise the value of proper tax planning. They may rarely act on the tax advice you give them, but they appreciate the fact that you gave it to them anyway. It probably puts you head and shoulders above any other financial advisers they may have met, and reinforces the fact that you are a professional who is there to help them.

Each month we will give you a tax tip you may wish to slip into your conversations with your clients, or even include in your newsletter to them.

Time Management (3)

Whoever your hero in life may be, whether it is Bill Gates, Warren Buffett, Leonardo Da Vinci, or Mother Teresa, that person had exactly the same number of hours in their day as you when they achieved greatness. The big difference is how they used those hours.

The Time Management Tip of the Month will share ideas you can put into practice to squeeze more value out of your day.