Andrew Bridgen calls on the Government to consider his proposals for a traffic light system to inform the public of the tax approval status of investment schemes.
Andrew Bridgen (North West Leicestershire) (Con)
T5. Further to our recent meeting, has the Minister had an opportunity to consider my proposals for a traffic light system to inform the public of the tax approval status of investment schemes? (906087)
The Financial Secretary to the Treasury (Lucy Frazer)
It was very interesting to meet my hon. Friend, together with his colleagues from the all-party parliamentary group on investment fraud, and to hear his idea. As we discussed, Her Majesty’s Revenue and Customs is very keen to make clear which schemes do not work. That is why, in the Finance Act 2022, the Government legislated to allow HMRC to name promoters and the schemes they promote at the earliest possible stage, to warn taxpayers of the risk of entering into those schemes, and to help those already involved to exit avoidance.