Tax clampdown
Tax clampdown
- 2004
- Inside Housing (21)45 12 November 2004, 11(1) .
Hundreds of housing associations could be hit with large fines for tax avoidance as part of a clampdown by HM Customs and Excise. Under the new tax avoidance legislation which came into force in August 2004, housing associations are required to disclose the use of certain tax avoidance schemes. Failure to do so will result in a fine of either £5 000 or 15% of the tax saved. The National Housing Federation is drafting an urgent notice to warn associations of the potential dangers.
TAX AVOIDANCE SCHEME
HOUSING ASSOCIATIONS
LEGISLATION
Hundreds of housing associations could be hit with large fines for tax avoidance as part of a clampdown by HM Customs and Excise. Under the new tax avoidance legislation which came into force in August 2004, housing associations are required to disclose the use of certain tax avoidance schemes. Failure to do so will result in a fine of either £5 000 or 15% of the tax saved. The National Housing Federation is drafting an urgent notice to warn associations of the potential dangers.
TAX AVOIDANCE SCHEME
HOUSING ASSOCIATIONS
LEGISLATION