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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- Accelerated payments
- High risk promoters
- Follower penalties
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.