The House of Lords Economic Affairs Finance Bill Sub-Committee has launched an inquiry into the draft clauses for Finance Bill 2021 focusing on the following three areas, all of which relate to HMRC powers:
new proposals for tackling promoters and enablers of tax avoidance schemes;
new tax checks on licence renewal applications; and
amendments to HMRC’s civil information powers, covering the proposed issuing of a financial institution notice without the requirement to obtain advance tribunal approval.
The Sub-Committee also invites views on the following government proposals:
notification of uncertain tax treatments by large businesses, where the business considers that HMRC may have a different view of the tax treatment to its own; and
retrospective changes to the corporate interest restriction, which would be effective from 2017.
The House of Lords Economic Affairs Finance Bill Sub-Committee has launched an inquiry into the draft clauses for Finance Bill 2021 focusing on the following three areas, all of which relate to HMRC powers:
new proposals for tackling promoters and enablers of tax avoidance schemes;
new tax checks on licence renewal applications; and
amendments to HMRC’s civil information powers, covering the proposed issuing of a financial institution notice without the requirement to obtain advance tribunal approval.
The Sub-Committee also invites views on the following government proposals:
notification of uncertain tax treatments by large businesses, where the business considers that HMRC may have a different view of the tax treatment to its own; and
retrospective changes to the corporate interest restriction, which would be effective from 2017.
