UPDATED guidance on the disclosure of tax avoidance schemes has been published by HM Revenue & Customs to take account of changes in stamp duty land tax, which come into force on 1 November.
The changes come as a result of consolidation of regulations on tax avoidance schemes and national insurance contributions.
The guidance pertains to the promotion of arrangements, schemes or transactions that will – or are intended to – provide the end user with a tax or national insurance advantage.
Advice is also given on deciding how to decide if arrangements should be disclosed to HMRC, how a disclosure may be made – through the user, rather than the promoter – and how to monitor systems it expects taxpayers utilising such schemes to have in place. Details of how to inform the Revenue are also provided.
The guidance relates particularly to income tax, corporation tax, capital gains tax, national insurance contributions, stamp duty land tax and inheritance tax.