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Promoters of tax avoidance arrangements could be forced to publicise the fact they are monitored by HMRC, under new rules set to come into force later this month.
The FA 2014 (High Risk Promoters Prescribed Information) Regulations 2015 will allow the Revenue to issue conduct notices to scheme promoters identified by the department as high risk.
Parties that do not comply with directions to alter their behaviour will receive monitoring notices and be expected to make their circumstances clear to prospective customers.
Promoters of tax avoidance arrangements could be forced to publicise the fact they are monitored by HMRC, under new rules set to come into force later this month.
The FA 2014 (High Risk Promoters Prescribed Information) Regulations 2015 will allow the Revenue to issue conduct notices to scheme promoters identified by the department as high risk.
Parties that do not comply with directions to alter their behaviour will receive monitoring notices and be expected to make their circumstances clear to prospective customers.
The regime – scheduled to apply from 27 March – will levy fines of up to £1m on promoters who fail to comply with any part of the process.
So now we are to have the executive acting as the bully in the playground effectively libeling their targets. Who next? will the First and Upper Tier Tribulans be accused of 'connivance' if they find for the taxpayer?