On Tuesday HMRC published a list of tax avoidance schemes whose users may be required to make a substantial upfront payment of tax. This is under the ‘accelerated payment’ regime which was announced in the 2014 budget and HMRC have previously warned that they would begin to issue notices when the 2014 Finance Act has received Royal Assent. In the associated press release HMRC advise that the list is being published to “help avoidance scheme users and their advisors to prepare for accelerated payments”.
The FCA announced on 17 January that Promontory and Mazars have been appointed by the Financial Conduct Authority to carry out a Review under section 166 of the Financial Services and Markets Act 2000. The Review will examine Royal Bank of Scotland’s treatment of small business customers in financial difficulty and consider allegations of poor practice set out in the report by Dr Lawrence Tomlinson and referenced in Sir Andrew Large’s report.