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.’
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
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