The taxman has teamed up with the advertising watchdog to crack down on companies touting schemes to avoid tax. The complicated arrangements, which often involve a bewildering array of loans or shell companies, offer to limit their user’s liability for income tax, national insurance or stamp duty. HM Revenue & Customs is active in challenging them, saying these “tax avoidance” plans aren’t likely to hold up to scrutiny. But now it seems to be trying out a new tactic. Rather than attempting to close the schemes down, HMRC is reporting firms that make spurious claims about tax mitigation to the Advertising Standards Authority (ASA). The watchdog yesterday published its ruling on a company called CDP Tax and Wealth, which trades under the name Fiducia Wealth and Tax. The firm’s website claimed the scheme would “save you a minimum of 60pc” on stamp duty and that the company was endorsed by the Solicitors Regulation Authority. The ASA ruled … [Read more...] about Taxman and advertising watchdog get tough on dubious tax avoidance schemes