Following consultation, HMRC has published The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2016, SI 2016/99, to introduce the new financial products hallmark, strengthen the hallmarks for standardised tax products and loss schemes, and extend the confidentiality and premium fee hallmarks to include IHT schemes.
HMRC will consult again in 2016 on expanding the IHT hallmark through a revised set of The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations. Respondents felt the consultation draft was not sufficiently targeted and risked catching ordinary, non-abusive, IHT tax planning products.
Following consultation, HMRC has published The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2016, SI 2016/99, to introduce the new financial products hallmark, strengthen the hallmarks for standardised tax products and loss schemes, and extend the confidentiality and premium fee hallmarks to include IHT schemes.
HMRC will consult again in 2016 on expanding the IHT hallmark through a revised set of The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations. Respondents felt the consultation draft was not sufficiently targeted and risked catching ordinary, non-abusive, IHT tax planning products.
