{"id":34532,"date":"2013-11-11T10:33:09","date_gmt":"2013-11-11T10:33:09","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=e4b1a2eeff0ca60325170188ace75f38"},"modified":"2013-11-11T10:33:09","modified_gmt":"2013-11-11T10:33:09","slug":"news-story-tax-avoidance-on-loan-interest-scheme-shut","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=34532","title":{"rendered":"News story: Tax avoidance on loan interest scheme shut"},"content":{"rendered":"<div class=\"govspeak\">\n<p>HM Revenue and Custom\u2019s (<abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>) challenge to this scheme has protected \u00a3120 million tax.<\/p>\n<p>The tribunal decided the scheme did not work.  The company that received the shares had to pay tax.<\/p>\n<p><abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>\u2019s challenge to the avoidance scheme used by Commercial Estates Group, the Westbury group and other large groups has already collected \u00a370 million.  A further \u00a350 million can now be collected as a result of the tribunal\u2019s decision.<\/p>\n<p>David Gauke, Exchequer Secretary to the Treasury, said:<\/p>\n<blockquote>\n<p>This tribunal decision is another blow to those who try to use complex schemes to get around the tax rules.<\/p>\n<p class=\"last-child\">This is the latest in a series of wins by <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> against tax avoiders. Over \u00a31 billion has been protected in the first six months of 2013 and <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> will continue to challenge schemes designed to beat the tax system on behalf of the vast majority of individuals and businesses who play by the rules.<\/p>\n<\/blockquote>\n<p>More information can be found <a href=\"https:\/\/www.gov.uk\/government\/news\/hmrc-wins-in-court-have-protected-over-1-billion\">here<\/a>.<\/p>\n<p>This case is Versteegh &amp; Others v <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>.  <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> was represented by Julian Ghosh QC and Elisabeth Wilson of Pump Court Tax <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The First-tier Tax Tribunal has ruled against a tax avoidance scheme which replaced interest on a loan between two companies in the same group with shares issued to a third one.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/34532"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34532"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/34532\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}