Shadow chancellor, Ed Balls, has vowed that if Labour is elected he will look at every area of tax including tax avoidance.
Mr Balls stated that tax avoidance was so serious that when a tradesperson has carried out work to demand a receipt even if it’s £10 for trimming a hedge because “it’s the right thing to do”.
As part of a wider crackdown, the shadow chancellor stated he we would look at every area of tax avoidance including ‘deeds of variation’ which were used by Ed Miliband following the death of his father in 1994.
Mr Miliband has rejected accusations that he used the document to avoid paying tax after the ownership of property was moved from his mother to the Miliband brother. The move could potentially reduce the amount of inheritance tax due on the property.
It was reported in The Daily Telegraph in 2010 that Mr Miliband had paid capital gains tax after selling his share of the property to his brother.
Ed Balls said “I think Ed Miliband paid all the tax which was due. We are the party who will crack down on tax planning, on systematic practices where people are trying to avoid paying tax parliament intends in order to get round the law. This is wrong and we will act.
What we will do is look at every area of tax planning” and when asked if this would include the deeds of variation, Mr Balls said “I will look at every area. I will look at every area. The intention of parliament must be delivered”
Do you need advice with regards to a tax avoidance scheme and have been contacted by HMRC or think you may be contacted? Contact our tax specialists at KinsellaTax on 0800 471 4546 today who will be able to help you or complete our Contact Us form and a tax specialist will get back to you..