High profile tax avoidance doesn't pay

As the latest media storm surrounding Jimmy Carr’s alleged tax avoidance dies down, Arcus Taxation accountant Andrew Cross says that clients need to be aware of similar ‘aggressive’ tax avoidance schemes.

More than 1,000 people, including Mr Carr, are thought to be using the Jersey-based K2 scheme, which is said to be sheltering £168m a year from the Treasury. Under the K2 scheme, an individual resigns from their company and any salary they subsequently receive is paid to an offshore trust.

Carr has since claimed he made ‘a terrible error’ and HMRC are currently investigating the K2 type of scheme arrangements which are open to exploitation.

Andrew said ‘The recent high profile cases paint a false picture the tax system, in that individuals can essentially ‘get away’ with paying tax.  Whilst every tax adviser is focused on ensuring that clients minimise their tax exposure, it is their duty to work within the limits of the tax framework to ensure that their clients are protected and given ethical advice.’

If you have any concerns about your existing taxation arrangements, or need advice on your tax liability, contact Andrew on 01572 770 552.

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