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KEY POINTS
- A new regime for the disclosure of inheritance tax avoidance schemes came into effect from 1 April 2018.
- The disclosure provisions for inheritance tax have been widened significantly.
- A disclosure is required if an ‘informed observer’ would conclude that specific conditions are met.
- The ‘grandfathering’ provisions of the 2011 regulations cease to apply. All schemes must now be tested.
- HMRC provides examples of arrangements that need not be disclosed.
- An arrangement may not be avoidance but may be disclosable.
Do you market tax avoidance schemes? My guess is that most readers of this magazine would say no but would admit that they have occasionally been involved in a fairly artificial or aggressive arrangement perhaps recommended by tax counsel. In that case stand...
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