TaxCorporate TaxRelief for ‘in-house’ tax avoidance schemes

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.

Link: Crackdown on avoidance sparks fear of exodus

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.

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter