Weekly Tax Update - Monday 05 September 2011

1. GENERAL NEWS

1.1. Updated HMRC DOTAS guidance

HMRC has updated their guidance on the Disclosure of Tax Avoidance Schemes (DOTAS) regime as at August 2011. The changes incorporated in its guidance cover the following:

• Section 2.3.1 is amended to include the definition of Corporation Tax and explain why Bank Levy is within the scope of the rules.
• Sections 3, 12, 14, 18 and 19 are updated/inserted to incorporate guidance as a consequence of new rules introduced in Finance Act 2010 which came into force on 1 January 2011. These were:
• • a change to the trigger point for disclosure of marketed schemes to ensure early disclosure of schemes;
  • an information power to allow HMRC to require intermediaries (an 'introducer') involved in the marketing of schemes to provide information leading to the identification of the promoter;