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Key points
- HMRC’s guidance on the ‘publication by HMRC of information about tax avoidance schemes’ is another defence towards the protection of public funds and raising awareness for the taxpayer.
- The new power will allow HMRC to challenge misleading information provided by promoters of avoidance much earlier than it was previously able to.
- Where HMRC intends to publish an individual’s details the person has 30 days to make representations as to why the information should not be published.
- If HMRC uses the new power properly advisers who abide by their professional standards are unlikely to come across them.
On 2 March 2022 HMRC published its guidance on Finance Act 2022 s 86 – the power which allows it to publish information about tax avoidance schemes (tinyurl.com/hmrcguidancefa22s86).
HMRC states this legislation is intended to allow them to challenge misleading information provided by promoters of avoidance and...
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