HMRC finally releases NICS disclosure rules

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The taxman has released the long-anticipated guidance on the
disclosure rules
that will apply to national insurance contribution tax planning schemes.

NICS were not included in the orginal disclosure regime, as they were not
regarded as a tax. However, following last year’s national insurance act,
HM Revenue & Customs
has moved to include tax planning in this area within the ambit of the the
disclosure regime.

, head of national tax at Grant Thornton, said: ‘The
rules for NIC disclosure are very similar to those for income tax and capital
gains tax. Schemes have to be disclosed to tight timetable. This is a tightening
of the screw.’

The new guidance comes into effect from the beginning of May.

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