TaxPersonal TaxPBR 09: Sweeping disclosure beef-up announced

PBR 09: Sweeping disclosure beef-up announced

Consultation document rolled out to beef up disclosure regime, proposing harsher penalties for non-compliance and asking for more client information from advisers

Tough new anti-avoidance proposals will be rolled out, demanding harsher
penalties for keeping aggressive schemes under wraps.

Through a consultation document, the government wants to beef up the
Disclosure of Tax Avoidance Schemes framework, focusing on harsher punishments
for non-disclosure, a requirement for scheme promoters to provide client lists
and new “hallmarks”, description of schemes required to be disclosed.

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