TaxAdministrationRevenue concedes ground on tax avoidance rules

Revenue concedes ground on tax avoidance rules

The Inland Revenue has backed down on certain issues of the tax avoidance scheme disclosure rules in a move that has received widespread acclaim from the accountancy profession.

Link: Revenue concedes review of tax avoidance rules

One of the most important changes is the creation of a ‘white list’ of financial products where the rules do not apply, along with changes to the commencement rules for financial products which means that advisers will not have to revisit everything done since Budget day.

David Cruickshank, head of tax at Big Four firm Deloitte, said the news was encouraging because it provided evidence of the government listening to representations from industry.

‘It is encouraging that the government and the Inland Revenue are listening to the representations that they have received and it is clear that they are committed to working with advisers to achieve a workable system,’ said Cruickshank.

It was a view shared by Aidan O’Carroll, national head of tax at Ernst & Young. ‘The changes mirror many of our representations to the Revenue and we welcome them,’ he said.

‘We are very pleased that more time is being given to the professions to make disclosures covering the transitional period. This was an administrative nightmare in the making and it’s a practical and positive response to our concerns.’

Paymaster general, Dawn Primarolo, said: ‘These changes will ensure that disclosure will only be required of those schemes and arrangements which pose the greatest threat to the Exchequer and strike the right balance as to the range of people who will be required to report.’

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

3w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

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

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter