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KEN MOODY scrutinises the Revenue's guidance on disclosure of tax avoidance schemes.
KEN MOODY scrutinises the Revenue's guidance on disclosure of tax avoidance schemes.
FINANCE ACT 2004 introduced requirements for disclosure to the Inland Revenue of arrangements to avoid tax including substantial penalties for failure to disclose. The legislation itself occupies only ss 306 to 319 as most of the requirements are set out in regulations of which there are now five lots including two amendments. In addition on 29 July 2004 the Revenue published its own interpretation on the new rules in: 'Tackling tax avoidance: Guidance'. This article draws attention to some areas where the guidance shows signs of being hastily put together and not fully thought through. However six months is a long time in tax these days and therefore an update may be on the cards. If so it is to be hoped that...
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