REVIEWING YOUR PARTICIPATION IN TAX AVOIDANCE
SCHEMES AND ADVISING ON YOUR OPTIONS
H M REVENUE & CUSTOMS (HMRC) INTENDS TO ISSUE PAYMENT
DEMANDS TO OVER 43,000 INDIVIDUALS AND COMPANIES PARTICIPATING IN
"SCHEMES" TO COLLECT OVER £7 BILLION IN TAX BEFORE
5 APRIL 2016. THE DEMANDS WILL ONLY PERMIT 90 DAYS TO PAY, SO
ACTION IS NEEDED NOW BEFORE NOTICES ARRIVE.
WHY IS HMRC TAKING THESE STEPS?
HMRC has so far won over three quarters of cases taken to the
Courts on schemes and it wants to deter taxpayers from entering
into new schemes and encourage those who are already participants
to withdraw from them.
HMRC aims to reduce the cash flow advantage that individuals,
companies and partnerships obtain from participating in tax
avoidance arrangements whilst the scheme is still under dispute.
Other HMRC notices will force taxpayers to amend their tax returns
to remove entries regarding schemes sooner after the Courts decide
that a scheme does not work.
