TAX specialists with UK clients have a little longer to comply with new Inland Revenue disclosure rules.
The UK government announced changes in April, at the time of the annual Budget, obliging the promoters and users of tax avoidance schemes to disclose them to the Inland Revenue, but the deadline has been pushed back from August to 30 September.
At the end of last month the UK’s Paymaster General, Dawn Primarolo, said disclosure would now only be required for schemes posing ‘the greatest threat to the Exchequer’.
The new rules apply to any offshore promoters selling to UK clients, explained KPMG tax partner Jason Laity.
‘The discussion now is about what a promoter is and which schemes are caught.
The message is that they wish to focus on just those with the greatest tax loss and hopefully this will narrow the effect.
Article posted on 14th July, 2004 - 12.00am
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