Relief for 'in-house' tax avoidance schemes
Companies that device their own tax avoidance schemes, will have up to a year to disclose them to the Inland Revenue, the government has decided.
Instead of having to disclose details of in-house schemes when they are put in place, companies will now only have to do so at the same time they file corporation tax returns, which could be as long as a year after the arrangements have been put in place, the FT reported.
This concession is expected to be trailed in the finance bill, published today.
In last month’s Budget, the chancellor announced a crackdown on abusive tax avoidance schemes, which included accountants, bankers and lawyers being forced to tell the Revenue about schemes shortly after they are sold to individuals and companies.