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30 July 2007
Avoidance and disclosure
HMRC have published an 'update' on tax and National Insurance contribution avoidance schemes following Royal Assent to FA 2007.
- FA 2007, s 108 amends FA 2004, Pt 7 by providing new powers to enquire into cases of suspected non-compliance by promoters of tax avoidance schemes with obligations under the disclosure regime in Part 7; to enforce compliance in certain cases; and to make certain related regulations.
- The Tax Avoidance Schemes (Information) (Amendment) Regulations SI 2007 No 2153, which will come into effect on 1 September 2007, prescribe time limits for complying with obligations arising from the new powers.
- A draft of The Tax Avoidance Schemes (Penalty) Regulations 2007 has been published. Subject to approval, these will increase the maximum daily penalty from £600 to £5,000 in cases where non-compliance continues after the Special Commissioners have made a disclosure order. Approval is unlikely to be before late October 2007. Subject to approval of these regulations, further regulations will specify the time from which the increased penalty is to apply after certain disclosure orders.
Further information is on the Internet at www.hmrc.gov.uk/avoidance/finance-act.htm.
HMRC news release, 27 July 2007
