Revisions to the disclosure rules

18 May 2006 / Keith M Gordon

Issue: 4058 / Categories: Comment & Analysis , Admin , Capital Gains , Companies , Income Tax

KEITH M GORDON considers the current draft of the regulations amending the disclosure requirements for income tax, corporation tax and capital gains tax.

IT WAS ANNOUNCED in the Pre-Budget Report that the scope of the disclosure rules would be extended to cover all aspects of income capital gains and corporation taxes rather than being limited to employment-related schemes and financial products as well as stamp duty land tax.
Two draft statutory instruments have now been published by HMRC. These are subject to consultation until 31 May 2006 (see the link at www.hmrc.gov.uk/aiu/index.htm#draft) and the final version of the regulations should come into effect on 1 July 2006.
The draft regulations concern income tax corporation tax and capital gains tax. Stamp Duty Land Tax was brought within the disclosure regime with effect from 1 August 2005. The SDLT rules (found in Stamp Duty Land Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations SI 2005 No 1868)) will continue to apply and are not affected by the latest proposals.
It...

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