VAT avoidance disclosure: Comments invited

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HM Customs and Excise has invited businesses to comment on draft regulations to implement changes to the VAT avoidance disclosure rules.

HMCE announced on 16 March that two avoidance schemes would be added to to the list of schemes that must be notified by businesses with an annual turnover over 600,000; and an addition to the hallmarks used to identify schemes that must be notified by businesses with an annual turnover exceeding 10m.

The changes will be made by amending Schedule 11A to VATA 1994; the VAT (Disclosure of Avoidance Schemes) Regulations 2004 (SI 2004/1929); and the VAT (Disclosure of Avoidance Schemes) (Designations) Order 2004 (SI 2004/1933).

HMCE has published for consultation a draft version of The Value Added Tax (Disclosure of Avoidance Schemes) (Designations) (Amendment) O...

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