HMRC has begun a 12-week consultation period on publication of Lifting the Lid on Tax Avoidance Schemes. It seeks to consult on measures to improve the information available to HMRC and customers about tax avoidance schemes and the risks of using them. These include proposals to revise and extend the Disclosure of Tax Avoidance Schemes (DOTAS) regime, which requires promoters and users of tax avoidance schemes to provide information to HMRC. The closing date for comments is October 15 2012.
HMRC is also seeking views as to whether proposals to revise and extend the DOTAS ‘hallmarks’ (the descriptions of schemes required to be disclosed for income tax, capital gains tax and corporation tax purposes) are too widely or narrowly drawn, and on their impacts upon compliance costs and administrative burdens.
Comments from representative bodies, tax agents and scheme promoters, as well as businesses and individuals who may receive marketing and advice about tax avoidance schemes are being sought.
More details are available from the HMRC website.
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