The admission was made to leaders in accountancy and business during a meeting at Somerset House on Wednesday last week.
At the five-hour meeting, chaired by the Revenue’s Chris Davidson in place of deputy chairman Dave Hartnett, representatives of the profession warned of a deluge of disclosures if the regulations were not changed.
According to Revenue officials, government ministers had already expressed concern about the disclosures under the anti-avoidance rules, and said that their interest was only in only high-profile, lucrative schemes.
A source close to the Revenue said that reports from firms had ’caused unease for ministers’.
It is the wide-ranging nature of the regulations that has caused disquiet among professionals, who would like clarification of what should be reported.
Last week, PricewaterhouseCoopers tax partner John Whiting, told Accountancy Age: ‘We don’t know what the rules are that we are trying to comply. The difficult part is trying to find out what has to be disclosed.’
Consultation on the proposals closes on 30 June and the Revenue hopes to enforce the regulations from the beginning of August.
A Revenue spokesman said the department was unable to comment until the consultation had closed
- Email Gavin_Hinks@vnu.co.uk.
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