Tax avoidance back under the spotlight
22 August 2014
Two days before the Finance Bill became the Finance Act on 17 July, the obviously eager HMRC issued a list of nearly 1,200 tax avoidance schemes. Frustratingly the list consisted only of the scheme reference numbers (SRNs), given under the Disclosure of Tax Avoidance Scheme (DOTAS) legislation, so there were none of the exotic names which have been making headlines in some of the national press.
Starting in August, HMRC intends to spend about 20 months using ‘accelerated payment’ powers by the Finance Act 2014 to systematically ask the schemes’ users to pay the tax they thought had been avoided within 90 days. HMRC say that there are approximately 33,000 individual taxpayers and 10,000 companies involved, with over £7bn of revenue at stake.
HMRC has given no indication how it will progress through its long list, although some of the schemes could date back to 2004, when DOTAS was introduced.
If you would like additional information or indeed assistance should you receive an Accelerated Payment Notice please contact us by email or call 0141 221 2984.