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.