ARTICLE · 23 AUGUST 2013

Weekly Tax Update - Monday 19 August 2013

Smith & Williamson

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Raising the stakes on tax avoidance - HMRC has published a consultation paper in which it proposes a new set of obligations for high-risk promoters, their intermediaries and users and aims to encourage users of avoidance schemes to settle their tax affairs after similar cases have lost in court or tribunal.

United KingdomTax

Smith & Williamson

1 General news

1.1 Raising the stakes on tax avoidance

HMRC has published a consultation paper in which it proposes a new set of obligations for high-risk promoters, their intermediaries and users and aims to encourage users of avoidance schemes to settle their tax affairs after similar cases have lost in court or tribunal.

The executive summary is copied below:

1.1 This consultation document covers a number of issues relating to the promotion and use of avoidance schemes, namely:

forcing high-risk promoters of avoidance schemes to provide details of their products to HMRC using suitable information powers and penalties;
ensuring that users of high-risk promoters' schemes appreciate the risks they are running and understand the consequences;

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