HMRC has launched a consultation seeking views on draft regulations for the DOTAS NICs regime. The draft National Insurance Contributions (Application of Part 7 of the Finance Act 2004) (Amendment) Regulations 2022 will amend the National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations, SI 2012/1868 to mirror the changes made to Part 7 of FA 2004 by FA 2021.
Finance Act 2004 Pt 7 provides for the disclosure to HMRC of information relating to arrangements that enable, or might enable, people to obtain a tax advantage (‘notifiable arrangements’ and ‘notifiable proposals’).
The amendments made by FA 2021 allow HMRC to allocate a reference number to arrangements, or a proposal, that have not been disclosed where HMRC reasonably suspects them to be notifiable. In such circumstances, the amendments also extend the obligations in Pt 7 to all persons that HMRC reasonably suspects to be supplying the arrangements, or proposed arrangements, and their clients.
The draft regulations are expected to take effect on 3 May 2022.
HMRC has launched a consultation seeking views on draft regulations for the DOTAS NICs regime. The draft National Insurance Contributions (Application of Part 7 of the Finance Act 2004) (Amendment) Regulations 2022 will amend the National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations, SI 2012/1868 to mirror the changes made to Part 7 of FA 2004 by FA 2021.
Finance Act 2004 Pt 7 provides for the disclosure to HMRC of information relating to arrangements that enable, or might enable, people to obtain a tax advantage (‘notifiable arrangements’ and ‘notifiable proposals’).
The amendments made by FA 2021 allow HMRC to allocate a reference number to arrangements, or a proposal, that have not been disclosed where HMRC reasonably suspects them to be notifiable. In such circumstances, the amendments also extend the obligations in Pt 7 to all persons that HMRC reasonably suspects to be supplying the arrangements, or proposed arrangements, and their clients.
The draft regulations are expected to take effect on 3 May 2022.
