Serial tax avoidance regime
Taxpayers who have taken part in tax avoidance schemes may need to make a disclosure to HMRC before April 2017 to avoid falling within this regime.
Where a taxpayer has invested in a scheme which is “defeated” on/after 6 April 2017, the taxpayer will receive a warning notice from HMRC and will enter a five year warning period, during which they must submit annual reports to HMRC on their use of avoidance schemes.
Taxpayers who enter, on or after 15 September 2016, a tax avoidance scheme, may potentially have to pay a surcharge of up to 60% of the understated tax, be publicly named as a serial tax avoider and have their access to tax reliefs restricted.
If you would like further information please get in touch with your normal haysmacintyre contact or Katharine Arthur.