In the face of mounting criticism from the accounting and legal professions, the UK government has pushed back the deadline for the introduction of a new tax scheme disclosure regime after accepting that it placed too high a burden on business.
Under the original proposal, tax planners and advisors were required to report any tax planning schemes sold after March 18 this year to the Inland Revenue before August 6 or face a hefty fine.
However, following complaints from firms that they remain in the dark as to what they are required to disclose, the Revenue revealed on Tuesday that the deadline has been postponed until September 30, and in some instances, October 31.
During this time, the Revenue has also pledged to draft a list of prohibited tax schemes and draw up a definition of what constitutes a tax scheme promoter.
Consultation on the issue continues until next week.
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