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HMRC have published the second set of regulations required to support the promoters of tax avoidance schemes (POTAS) legislation.
The new document defines the type of misconduct, actions and penalties that will be relevant for assessing whether a party is subject to the POTAS rules and liable to a conduct notice.
The notices will last up to two years and require promoters to change their behaviour in relation to the schemes they endorse, according to the Revenue.
HMRC have published the second set of regulations required to support the promoters of tax avoidance schemes (POTAS) legislation.
The new document defines the type of misconduct, actions and penalties that will be relevant for assessing whether a party is subject to the POTAS rules and liable to a conduct notice.
The notices will last up to two years and require promoters to change their behaviour in relation to the schemes they endorse, according to the Revenue.
The latest regulations add two more bodies – the Chartered Institute of Taxation and the Chartered Accountants Ireland – to the list of professional organisations set out in the primary legislation at FA 2014, sch 34 para 8.
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