It is not often that the Government backtracks on new legislation, especially where the legislation was introduced to counter tax avoidance schemes. However, there are times where even the Government has to bow to pressure and admit that it has gone too far.
This article in Accountancy Today looks at the recent changes in the Loan Charge and considers what is "fair" where taxpayers enter into arrangements to minimise their tax and yet HMRC leave it for many years before taking measures to challenge them - despite knowing what was being done.
The recent Loan Charge has raised interesting issues about the mutual obligations between taxpayers and HMRC for each to act fairly when interacting with the other.
https://www.accountancytoday.co.uk/2020/02/03/the-taxpayer-and-hmrc-a-challenging-relationship/
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