Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a645085

HMRC set for new powers to target tax scheme promoters

by Alex Steger on Dec 12, 2012 at 11:03

HMRC set for new powers to target tax scheme promoters

The government is set to launch a consultation to give HM Revenue & Customs (HMRC) increased powers to target promoters of high-risk tax avoidance schemes.

Next year the government will consult on giving HMRC ‘a package of penalty and information powers’ specifically targeting promoters of schemes 'which have a negligible or low probability of providing the advertised tax advantage or involve or facilitate some element of concealment or misdescription'.

The government said measures being introduced in the financial services bill were not on their own sufficient to deter high-risk promoters from marketing such schemes.

It also plans to hand the taxman more information powers around the disclosure of tax avoidance schemes (Dotas).

The Finance Bill 2013 will contain regulation-making powers so that HMRC can require avoidance scheme members to pass over information to the promoters, and for the promoters in turn to give HMRC information when required about clients in the scheme.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet