Rules governing the UK government’s major crackdown on tax planning schemes will not be as harsh on the country’s leading firms as first feared, it has emerged.
Chancellor of the Exchequer Gordon Brown announced tough new rules in last month’s budget that will require tax planners and firms benefiting from tax planning initiatives to disclose details of schemes to the Inland Revenue, who would then assess the schemes and rule on their legality.
However, the final regulations, due to be published in the finance bill on Thursday, will change the disclosure rules for companies by allowing them to detail any schemes used on their corporation tax returns, minimising the compliance burden.
Nevertheless, the primary targets of the government’s crackdown, such as accountants and lawyers, will still be compelled to report tax planning schemes to the Inland Revenue shortly after they have been sold to individual taxpayers or firms.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment