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Phoenixing Rules – Rising from the Ashes

FAQs – Phoenixing Rules A topic that is frequently asked about on our helpline relates to the Phoenixing Rules. “Phoenixing” which was introduced by Finance Bill 2016 and is in the legislation at ITTOIA05 S396B. The purpose of ITTOIA05 S396B is to prevent individuals converting what would otherwise be a dividend into a capital payment, and so reducing their overall tax liability.  This provision applies to distributions in a winding-up…

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Tax questions and answers

Tax Avoidance – Accountants face tougher penalties

HMRC strengthening tax avoidance sanctions and deterrents HMRC published a “consultation document” on “strengthening tax avoidance sanctions and deterrents”. Under the proposed new rules, accountants and advisers who assist their clients to avoid tax could face penalties.  This could be up to 100% of the tax avoided. “These tough new sanctions will make would-be enablers think twice and in turn reduce the number of avoidance schemes on the market,” said…

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