TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Disclosure of Tax Avoidance Schemes

Increase in penalty for non-disclosure

Regulations, which increase the daily penalty for nondisclosure of tax-avoidance schemes from a maximum £600 to a maximum £5,000, have been laid before the House of Commons. The increased penalties apply where there is a failure to provide information following the making of an order by the Special Commissioners.

This measure was introduced by Finance Act 2007.

The new regulations are available at http://www.hmrc.gov.uk/si/2007-3104.pdf and http://www.hmrc.gov.uk/si/2007-3103.pdf.

In addition, HMRC published a list of statistics in relation Tax Avoidance Disclosure for the period from April 2007 to September 2007. This includes Direct Taxes (Financial, Employment, Main Regime/NI, SDLT) and VAT disclosures.

A copy of the statistics is available at http://www.hmrc.gov.uk/avoidance/stats_2007.xls.

Disclosure of tax avoidance schemes

HMRC have published a consultation document which seeks views on the proposed changes to the Tax Avoidance Disclosure regime to improve the identification of users of disclosed schemes. Comments must be made before 12 February 2008.

A copy of the consultation document is available from the HMRC website.