Lynne Rowland (Kingston Smith) explains the proposed changes to DOTAS hallmarks for inheritance tax.
The disclosure of tax avoidance schemes (DOTAS) regime was first introduced in the FA 2004 to deter the use of schemes with certain ‘hallmarks’ of avoidance. Since then there has been considerable debate over the scope of these provisions and their ability to distinguish between normal tax planning and aggressive tax avoidance.
Under the DOTAS regime promoters and users are required to notify HMRC of schemes which intend to provide tax savings. This allows HMRC to monitor the types of schemes available to the public and to regulate avoidance.
Background to the IHT changes
Inheritance tax (IHT) was first brought into DOTAS in April 2011 and requires the disclosure of arrangements which aim to reduce the entry...
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Lynne Rowland (Kingston Smith) explains the proposed changes to DOTAS hallmarks for inheritance tax.
The disclosure of tax avoidance schemes (DOTAS) regime was first introduced in the FA 2004 to deter the use of schemes with certain ‘hallmarks’ of avoidance. Since then there has been considerable debate over the scope of these provisions and their ability to distinguish between normal tax planning and aggressive tax avoidance.
Under the DOTAS regime promoters and users are required to notify HMRC of schemes which intend to provide tax savings. This allows HMRC to monitor the types of schemes available to the public and to regulate avoidance.
Background to the IHT changes
Inheritance tax (IHT) was first brought into DOTAS in April 2011 and requires the disclosure of arrangements which aim to reduce the entry...
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:
