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HMRC ruling 'means contractors should take care'
The High Court ruling made at the end of January that will allow HM Revenue & Customs (HMRC) to recover tax retrospectively means that contractors and recruiters need to be particularly careful about their offshore tax planning, according to one firm.
Matthew Brown, managing director of payroll services company Giant, told recruiter.co.uk that the ruling was intended to send a clear message that "blatantly artificial" tax arrangements will not be tolerated.
Even if a tax scheme exploits a loophole in the current law there could be risks to using it, said Mr Brown, meaning contractors and recruiters should take additional care with their offshore tax planning services.
"Contractors could try to persuade the HMRC to collect outstanding tax from scheme promoters, but this may not be possible, in which case recruitment agencies could also be in the firing line," he added.
The ruling means that an estimated 3,000 people with offshore bank accounts face paying back a total of more than £200 million.
Posted by Susie Cho.
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