TAX AVOIDANCE AND TAX EVASION

It is necessary to differentiate between tax evasion and tax avoidance.

Tax evasion: the reduction of tax liabilities by not informing the Revenue of all relevant facts. Tax evasion is illegal and criminal penalties apply, hence, if caught evading tax the director/s of the company will be fined and even imprisoned.

Tax avoidance: the reduction of tax liabilities within the framework of the law. Tax avoidance may not always succeed, but is legal; tax evasion is never legal.

Tax table with rates for, income tax, capital gains tax, corporation tax, inheritance tax, car tax, tax code for 2002/3 can be
downloaded from here

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