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VAT avoidance
On 16 March 2005 the Chancellor announced the intention to add two schemes to the list of avoidance schemes that must be notified to Customs by businesses with an annual turnover over £600,000; and an addition to the hallmarks used to identify those VAT avoidance schemes that must be notified by businesses with an annual turnover exceeding £10 million. Draft secondary legislation has been published on which comments are welcome.
Copies of The Value Added Tax (Disclosure of Avoidance Schemes) (Designations) (Amendments) Order 2005 can be viewed on Customs' website (www.hmce.gov.uk), or obtained from: Alan McGuinness, VAT Avoidance Disclosure Unit, HM Customs and Excise, 1 Parliament Street, London SW1A 2BQ, tel: 020 7147 0431. Comments should be sent, by 29 April 2005, to Alan McGuinness at the address above, e-mail: alan.mcguinness@hmce.gsi.gov.uk.
