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The Finance Act 2008 provides for aligned information and inspection powers, rules for record-keeping and time limits for assessments and claims.
An implementation team has been set up which will be responsible for producing technical and operational guidance and a comprehensive learning package.
All three elements will be the subject of external consultation.
HMRC intend the technical guidance to be put to external consultation by the end of September.
Operational guidance will be produced in sections and, once a section is completed, consultation will be sought.
The implementation team wishes to work collaboratively with businesses and their representatives and welcomes views ahead of the process outlined above.
Comments should be sent to 'New Compliance' via the HMRC website.
