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Summary
Five amendments are proposed to the existing rules for disclosing tax avoidance schemes, namely: Continue reading
Posted December 18th, 2009 | No Comments »
Promoters of tax avoidance schemes are obliged to disclose information about schemes that fall within specified descriptions within 5 days of the scheme’s being made available or implemented. Following disclosure, HMRC allocates a scheme reference number (SRN) to identify the users of the scheme and promoters must pass the SRN to their clients who, in turn, identify themselves as users of the scheme on tax returns or other documents.
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Posted July 29th, 2009 | No Comments »
The Finance Act 2008 and Regulations made under that Act introduce new requirements for promoters of tax avoidance schemes from 1 November 2008. HMRC has updated the booklet Disclosure of Tax Avoidance Schemes to include the changes. The legislation applies to any arrangement that will, or is expected to, provide the user with a tax advantage when compared with adopting a different course of action. It includes schemes that seek to take advantage of the law relating to PAYE income tax, the taxation of benefits-in-kind and expenses, and National Insurance contributions.
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Posted November 3rd, 2008 | No Comments »
