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Consultation tackling arrangements that move UK profits offshore.
HMRC has launched a consultation on avoidance schemes designed to move UK profits outside the charge of domestic tax.
The government plans to introduce legislation that will require these to be added to UK profits. It will also insist that the taxpayer notifies HMRC of its involvement in such arrangements and impose an obligation for faster payment of the tax in dispute.
The legislation would target arrangements when:
- profits are attributable to the professional or trading skills of an individual resident in the UK;
- some or all of those profits end up in an entity which results in significantly less tax being paid on them than if they had arisen to the individual;
- the UK-resident individual or a connected person or someone acting together with them is able to enjoy economic benefits from the profits...
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