Finance Bill 2014: Tax Avoidance Schemes
The Finance Bill 2014 will give HM Revenue & Customs power to issue a Follower Notice to users of tax avoidance schemes. http://bit.ly/1ssMF43
A Follower Notice informs the taxpayer that in HMRC’s opinion a particular judicial ruling is relevant to their case, which determines the dispute and requires an amendment to their Tax Returns or agreement to resolve any outstanding appeals in line with the Court decision. See http://bit.ly/1hbgVWQ for more details.
If you are in a tax avoidance scheme OR are an Accountancy or Law Practice with clients in tax avoidance schemes listen to Parliament's comments on the Finance Bill proposals to let HMRC issue Follower Notices http://bit.ly/1rfpHZV
Michael J Perry FCA (our Tax Expert in HMRC Code of Practice 8 Pay Scheme enquiries) comments:
"It looks like this Bill will pass without major amendment. HMRC do not appear to have issued the promised further guidance which was due for release by the end of May 2014. How these procedures will work in practice remains to be seen but have no doubt about HMRC's ability to cope with the extra work which could relate to 65,000 cases including some 16,000 IT Contractors some of whom have open appeals and enquiries going back to 2004."
Our tax investigation specialists and their support team are only a phone call away for advice on a no-obligation basis: http://www.ejpandco.co.uk/contactus/