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HMRC will find it hard to implement tax crackdown, says Grant Thornton

HM Revenue & Customs will have trouble enforcing its clampdowns on the ‘artificial’ creation and use of capital losses by individuals and trustees, warns Grant Thornton.

HMRC introduced draft legislation in the 2006 Pre-Budget Report seeking to prevent the ‘artificial’ creation and use of capital losses where arrangements had been made to guarantee a tax advantage, which is now being debated as part of the Finance Bill 2007.

However, the guidance accompanying the legislation explaining HMRC’s interpretation of the law is not subject to the same formal examination and it is this guidance that has raised a number of queries about how the new rules will be applied, says Grant Thornton.

Grant Thornton tax partner Ian Luder says: “Grey areas do not embed confidence in the general public and are even a good scare tactic for those using legislation in a smart but legal way.”

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