Tax avoidance – HMRC expanding their intelligence gathering - Mazars - United Kingdom
Tax avoidance – HMRC expanding their intelligence gathering
The Government has published a consultation document with various proposals to widen and strengthen the disclosure of tax avoidance schemes (DoTAS) regime.
A number of proposals are made to expand the nature of schemes (‘hallmarks’) which fall within the disclosure regime - both to widen the scope of the existing hallmarks, and to introduce some new specific hallmarks. In particular, new hallmarks proposed cover arrangements which seek to avoid tax on employment income, or which aim to convert income into (lower taxed) capital, and offshore arrangements which involve transactions with tax haven territories on a ‘black list’.
HMRC are widening the existing hallmarks with the objective of making certain ‘old’ tax planning disclosable – and planning using employment benefit trusts is explicitly mentioned.
Finally, the DoTAS regime will be extended as announced over a year ago to cover stamp duty land tax (SDLT) avoidance schemes involving residential property with a value of at least £1 million.
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- Copyright 2012 - Mazars - United Kingdom
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- Copyright 2012 - Mazars - United Kingdom
