Disclosure of tax avoidance schemes

The new Regulations requiring

• the promoters of tax avoidance schemes to notify the Inland Revenue of such schemes, and
• the users of such schemes to report their use on year-end P35/P14 returns

have been made and come into force on 1 August 2004.

The framework for the Regulations is set out in what will become the Finance Act 2004, sections 290-302.

The Tax Avoidance Schemes (Promoters and Prescribed Circumstances) Regulations 2004 explain which persons are not treated as promoters.

The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2004 describe the types of schemes and arrangements that must be disclosed, including arrangements connected with employment, such as those involving securities, payments to trustees and intermediaries, and loans.

The Tax Avoidance Schemes (Information) Regulations 2004 set out the notification requirements for promoters and users of notifiable schemes and arrangements.

For further information about the new notification requirements, see Newsletters of 21 May and 25 June 2004.

Discuss this news item in the PayPerShop Forum

...back to 9 July 2004


Sources:
www.inlandrevenue.gov.uk/drafts/si2004-ta-proms.pdf
www.inlandrevenue.gov.uk/drafts/si2004-ta-desc.pdf
www.inlandrevenue.gov.uk/drafts/si2004-ta-inf.pdf