Unlimited fines for tax avoiders, warns HMRC

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HM Revenue & Customs (HMRC) is to consult with the accountancy and legal professions on how to defeat hardcore tax avoidance.

The taxman believes that existing rules are still not strong enough to deal with the many off-the-shelf tax planning arrangements that are heavily promoted by a small number of tax firms. Such firms are often formed specifically for this purpose, do not provide traditional legal, accountancy or financial services and can sail pretty close to the wind.
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