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HMRC’s latest plan to tackle disguised remuneration schemes
KEY POINTS
- Technical note published on 16 March.
- Disguised remuneration schemes were created by promoters not users.
- HMRC plans to introduce retrospective legislation to tax loans.
- The proposed charge would be inexplicably high.
- There would be no incentive for HMRC to settle with users.
It seems that after ten years of HMRC investigation disguised remuneration hit the big time on Budget day (16 March) with a mention in the chancellor’s statement. Unfortunately its 15 seconds of fame are likely to be eclipsed by the furore that the technical paper (tinyurl.com/zsht557) published on the same day is likely to unleash.
The technical note is contentious in itself in deploying the usual language we see from HMRC when discussing alleged tax avoidance including the now expected misleading statements....
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