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Is the disclosure of tax avoidance schemes régime working to everyone's satisfaction? DAVID EARLE reports.
UNTIL LAST YEAR, Disclosure was merely a 1994 film starring Michael Douglas. For tax practitioners, this is no longer the case. A new acronym, 'DOTAS' (disclosure of tax avoidance schemes) has now entered our lexicon. Most practitioners are familiar with the HMRC guidance, and a few have filed their own DOTAS returns.
Is the disclosure of tax avoidance schemes régime working to everyone's satisfaction? DAVID EARLE reports.
UNTIL LAST YEAR Disclosure was merely a 1994 film starring Michael Douglas. For tax practitioners this is no longer the case. A new acronym 'DOTAS' (disclosure of tax avoidance schemes) has now entered our lexicon. Most practitioners are familiar with the HMRC guidance and a few have filed their own DOTAS returns.
HMRC have received all these submissions and thus have an overview of how the régime is working. But advisers have mostly kept their own counsel and have not shared their views of the legislation.
In view of the importance of DOTAS and the substantial shift it marks in the UK's tax régime the Tax Law Review Committee (TLRC) decided that it was worth trying to collate some early views from the tax profession on the...
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