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KEITH M GORDON looks at the proposed changes to the DOTAS rules
KEY POINTS
- A new ‘trigger point’ should prevent disclosure delays.
- New obligations for introducers and promoters.
- Amendments to various scheme ‘hallmarks’.
- Some new hallmarks are introduced.
- The limits for disclosure in SDLT schemes are amended.
The so-called DOTAS (disclosure of tax avoidance schemes) rules have been with us for six years and are undoubtedly assisting HMRC in their attempts to make tax avoidance schemes less profitable for their promoters.
The key to the DOTAS regime is that HMRC are notified at an early stage in the life of an avoidance scheme thereby permitting the Government an early opportunity to introduce legislation to counter loopholes that are being exploited.
In addition the requirement for schemes to be given a registration number– which is then reported on clients’ own tax returns – affords HMRC...
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