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The times they are a-changin’
Key points
- A taxpayer who receives a follower notice must take corrective action within 90 days.
- The 50% penalty for failing to act on a follower notice is to be reduced to 30%.
- Disclosure of tax avoidance schemes process will be accelerated by the earlier issue of information notices.
- HMRC plans to enhance its powers to counter promoters and enablers of avoidance.
- All advisers need to be aware of aggressive disguised remuneration schemes that undermine the profession.
On 16 December 2020 HMRC issued a consultation document on follower notices and associated penalties (tinyurl.com/hmrcfnpabc). This is in advance of numerous proposed legislative changes to counter tax avoidance and comes after statements made by HMRC in 2020 signalling a renewed effort to take serious action against those who continue to develop and promote aggressive tax planning.
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