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| UK Tackles Abuse Of Post-Cessation Trade Relief |
by Jason Gorringe, Tax-News.com, London
Monday, January 16, 2012
The UK government has announced that it is to introduce new legislation to block
a tax avoidance scheme involving post-cessation trade relief.
The new law, which has come into effect immediately, was announced by
Exchequer Secretary to the Treasury, David Gauke in a statement on January 12,
2012.
Post-cessations trade relief allows a person to claim a deduction in their
income tax calculation for certain payments and bad debts arising after a trade,
profession or vocation has ceased. The legislation will block individuals from
artificially exploiting the relief to claim a tax deduction.
Commenting, Gauke said that: “Tackling tax avoidance is a priority for the government. It is unacceptable,
at a time when we are trying to bring down the deficit, that there are those
who try to avoid paying the tax they owe. We have acted quickly to prevent the
use of this particular scheme and we will not hesitate to close down other avoidance
schemes as we become aware of them.”
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