{"id":16454,"date":"2012-07-18T16:15:08","date_gmt":"2012-07-18T15:15:08","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16454"},"modified":"2012-07-18T16:15:08","modified_gmt":"2012-07-18T15:15:08","slug":"pwc-purveyor-of-tax-abuse-schemes","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/18\/pwc-purveyor-of-tax-abuse-schemes\/","title":{"rendered":"PWC, purveyor of tax abuse schemes"},"content":{"rendered":"<p><a href=\"http:\/\/www.accountancyage.com\/aa\/news\/2192192\/court-blows-pwcmarketed-tax-scheme-out-of-the-water#ixzz20zB3jeZI\" target=\"_blank\">Accountancy Age has reported<\/a>:<\/p>\n<blockquote><p>A \u00a0million pound \u00a0tax\u00a0scheme\u00a0marketed by PwC has been shut after a Court of Appeal hearing.\u00a0The scheme, which dates back to 2002\/2003, was used by about 200 people who now have to pay back the full capital gains tax as well as interest.<\/p>\n<div>\n<div>\n<p>The case, Howard Schofield v HMRC, which involved losses to the Exchequer of about \u00a311m, was described by the court as similar to the Ramsay case, where artificial losses were created to avoid a capital gains tax bill.<\/p>\n<\/div>\n<\/div>\n<p>\"Under the scheme as a whole, the options were created merely to be destroyed. They were self-cancelling. Thus, for capital gains purposes, there was no asset and no disposal,\" said Lady Justice Hallett.\u00a0\"To my mind, this appeal was a thinly disguised attempt to undermine the Ramsay principle.\"<\/p><\/blockquote>\n<p>Two observations do, of course, follow. Yet again we see PWC marketing tax abuse. Second, we\u00a0badly\u00a0need a\u00a0general anti-avoidance principle to stop this abuse. And\u00a0unfortunately\u00a0the\u00a0government\u00a0is going to deny us one, sopping us off instead with a useless\u00a0general anti-avoidance rule, which isn't even any such thing.<\/p>\n<p>But then. PWC sponsor all the major\u00a0political\u00a0parties, so wat do we expect?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accountancy Age has reported: A \u00a0million pound \u00a0tax\u00a0scheme\u00a0marketed by PwC has been shut after a Court of Appeal hearing.\u00a0The scheme, which dates back to 2002\/2003,<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/18\/pwc-purveyor-of-tax-abuse-schemes\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,10],"tags":[],"class_list":["post-16454","post","type-post","status-publish","format-standard","hentry","category-pwc","category-tax-avoidance"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=16454"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16454\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}