HMRC's latest settlement opportunity

Jonathan Levy

HMRC has offered a settlement opportunity for participants in certain tax avoidance schemes. Jonathan Levy examines the detail, and suggests there is a tension between this settlement opportunity and HMRC's overarching litigation and settements strategy.

On 19 December 2012 HMRC published details of what they term a ‘settlement opportunity for participants in tax avoidance schemes’ (see www.lexisurl.com/f1Rk6).

HMRC intends to offer participants in certain schemes an opportunity to settle their tax liabilities by agreement. The invitation is extended to participants in schemes which seek to:

use generally accepted accounting practice (GAAP) to write off expenditure or the value of assets to create losses either for sole traders individuals or companies in partnership;
access the film relief legislation for production expenditure; or
create losses in...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this article in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

On 19 December 2012 HMRC published details of what they term a ‘settlement opportunity for participants in tax avoidance schemes’ (see www.lexisurl.com/f1Rk6).

HMRC intends to offer participants in certain schemes an opportunity to settle their tax liabilities by agreement. The invitation is extended to participants in schemes which seek to:

use generally accepted accounting practice (GAAP) to write off expenditure or the value of assets to create losses either for sole traders individuals or companies in partnership;
access the film relief legislation for production expenditure; or
create losses in...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: