According to tax experts at the Big Four accounting firms, Treasury officials have seriously underestimated the workload required to comply with the UK’s new tax scheme disclosure rules, which it is believed will cost firms in the region of £1 billion every year.
Under the new rules, advisers will be obliged to provide details of tax minimisation schemes to the Inland Revenue within five days of their implementation, or face a fine of up to £5,000. The tax authority will then endeavour to provide a reference number for the scheme within a 30 day period. However, accounting firms report still being in the dark as to exactly what the Inland Revenue wants them to disclose.
John Whiting, a tax partner at PricewaterhouseCoopers, told the Independent: "If there is any doubt, we will send the plans to the Inland Revenue. We will be sending a haystack of disclosures, leaving them looking for a needle."
Concerns are also being expressed that the Revenue itself is ill prepared to cope with the sheer volume of information that may be coming its way, and worryingly, a spokeswoman admitted to the Independent that staff for the new department have not yet been recruited.
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