Tightening up on tax advantages

Tax expert Anne Redston has said that a clear message has emerged from the Pre Budget Report: that the Chancellor has his sights targeted, possibly as never before, at people looking to avoid tax.

She claims that Gordon Brown's thinking is simple. With public finances tight, those who previously avoided tax need to be made to pay up and this Pre Budget Report adds further weapons to the Government's anti-avoidance arsenal.

Anne, who provides expert comment for the BBC, outlined the new legislation which attacks managed service companies and artificial capital losses, restricts the use of Alternatively Secured Pensions (ASPs) and penalises certain promoters of avoidance schemes.

Full article: Tightening up on tax advantages - BBC online.