Details Of Affected Schemes Published Ahead Of Royal Assent
HM Revenue & Customs has today (15 July) published the avoidance scheme reference numbers whose users may be sent an Accelerated Payment Notice.
The introduction of Accelerated Payment Notices is a key component of the 2014 Finance Bill and once it receives Royal Assent later this month, HMRC will be able to issue 90 day demands for payment to anyone who has used an alleged tax avoidance scheme into which an enquiry has been opened.
The new laws replace the current approach whereby if HMRC require an individual to pay tax which it believed had been unfairly claimed, the matter can be appealed through an independent tribunal. Crucially, under the current regime, the individual is not required to pay unless, or until, HMRC win through the courts.
To view the codes, click here
Phil Berwick, Partner* and Head of Contentious Tax at law firm Irwin Mitchell said:
* non-lawyer