Draft Finance Bill clauses target tax schemes

HMRC has published draft legislation proposing tougher measures and greater powers for those using and promoting aggressive tax avoidance schemes.

The department this week published draft clauses alongside a document detailing responses to its autumn consultation paper, Raising the stakes on tax avoidance.

The new measures will come into force once the Finance Bill 2014 receives Royal Assent this summer.

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The Tackling Market Tax Avoidance consultation runs until 24 February. In addition, the closing dates for comments on the draft legislation published under Raising the stakes on tax avoidance also runs until that period.

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Comments

Perhaps the CIOT could point out re DoTAS payment notices:    1 thanks

Justin Bryant | | Permalink
  1. The proposal will significantly reduce (virtually eliminate?) the use of DOTAS. There are a number of planning arrangements where DOTAS disclosure has been made to HMRC of the particulars of the schemes on a protective basis i.e. it is the view that DOTAS does not apply but a DOTAS application is made to put the matter beyond doubt (in order to avoid any risk of penalties). These proposals will result in a drying up of this source of intelligence for HMRC.
  2. The proposal is perverse as it aids the non-compliant and penalises the compliant. There are scheme providers who willfully ignore the DOTAS regulations and work upon the basis that it is for HMRC to find their schemes.
  3. The proposed legislation may be in breach of the Human Rights Act as it is fully retrospective and confiscatory in nature.