HMRC is consulting until 4 October 2013 on new statutory powers to identify publicly ‘high-risk’ promoters and require disclosure of all material provided to prospective users of notifiable schemes, including full analysis of the tax advantage a scheme is designed to obtain. A new initial penalty of £1m, plus a daily penalty, would be introduced on promoters for non-compliance. Users of schemes already defeated in court by HMRC would also face tax-geared penalties.
HMRC is consulting until 4 October 2013 on new statutory powers to identify publicly ‘high-risk’ promoters and require disclosure of all material provided to prospective users of notifiable schemes, including full analysis of the tax advantage a scheme is designed to obtain. A new initial penalty of £1m, plus a daily penalty, would be introduced on promoters for non-compliance. Users of schemes already defeated in court by HMRC would also face tax-geared penalties.
