HMRC finally releases NICS disclosure rules
New guidance released on disclosure regime for national insurance tax schemes
The taxman has released the long-anticipated guidance on the
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
Lagerberg , 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.