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.