UK and International Tax news
Promoters Of Tax Avoidance Schemes
Friday 27th June 2014
HMRC has published draft guidance on the new rules contained in Part 5 and Sch 30 to 32 of the 2014 Finance Bill, applicable to promoters of tax avoidance schemes.
The rules aim to deter the development and use of avoidance schemes by influencing the behaviour of promoters, their intermediaries and clients. The regime builds on the existing regime for the disclosure of tax avoidance schemes (DOTAS), drawing on and reinforcing existing disclosure obligations and sharing many similar definitions.
The guidance details the two key steps in the regime including a conduct notice, which may be issued by HMRC where a promoter meets a threshold condition, and a monitoring notice, which may be issued by HMRC where a promoter breaches a requirement in a conduct notice and approval is obtained from the First Tier Tribunal.
It also contains a flowchart to illustrate the steps leading to the issue of conduct and monitoring notices.Contact Us