HMRC Publishes Guide on Disclosure of Tax Avoidance Schemes

HM Revenue & Customs (HMRC) has published a guide on the Disclosure of Tax Avoidance Schemes which comes into effect from 1st August 2006.

This guidance is about what to do if you promote or use arrangements (including any scheme, transaction or series of transactions) that will or are intended to provide the user with a tax advantage when compared to adopting a different course of action ("tax arrangements").

It includes advice on:

• Tax arrangements relating to income tax, corporation tax and capital gains tax
• Tax arrangements relating to stamp duty land tax
• The criteria for deciding if the tax arrangements are required to be disclosed to HMRC
• How to make a disclosure
• The systems HMRC expect users of tax arrangements to have in place to monitor for
  arrangements that they may potentially need to disclose to HMRC
• How to notify HMRC that you are using a disclosed tax arrangement

The Disclosure Guide can be viewed or downloaded from HMRC website.

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Posted 03/07/06

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