A package of measures are introduced from 1 January 2011 to strengthen the disclosure of tax avoidance schemes rules. Broadly, the measures are as follows:
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Measure 1 – a change to the trigger point for disclosure of marketed schemes to ensure early disclosure of schemes
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Measure 2 – an information power to allow HM Revenue & Customs to require intermediaries in the marketing of schemes to provide information leading to the identification of the promoter
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Measure 3 – enhanced penalties for failure to comply with a disclosure obligation
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Measure 4 – a requirement for promoters to provide periodic lists of clients who have implemented schemes
Guidance on the changes haas been published on the HMRC website, together with a summary of the legislation given statutory effect to the changes.
Similar changes also apply for NIC purposes.
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Measure 5 – revised hallmarks (the descriptions of schemes requiring disclosure)