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VAT avoidance disclosure: Comments invited

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30th Mar 2005
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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) Order 2005.

The two schemes to be added to the list relate to "cross-border face-value vouchers" and the surrender of certain leases.

In Business Brief 08/05, HMCE invited comments to be sent by 29 April 2005 to:

Alan McGuinness, VAT Avoidance Disclosure Unit, HM Customs and Excise, 1 Parliament Street, London SW1A 2BQ.

Andrew Goodall
Editor, TaxZone

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