HMRC Publishes List of Tax Avoidance Schemes in its Sights

HMRC has recently published a list of tax avoidance schemes on which users may be required to make an accelerated payment of tax owed.

The published list identifies the schemes by a unique scheme reference number (SRN) which is issued under the rules for disclosing a tax avoidance scheme (DOTAS).

The full list can be viewed here  at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/326655/Reviewed_Tax_Avoidance_Scheme_Ref__Numbers_July_2014.pdf

The list includes unique SRNs rather than the names of the schemes, which individuals will have to use when completing their Self-Assessment forms. Any individual who does not know the unique SRN of the particular scheme they have used should contact the promoter of the scheme directly or HMRC on 03000 530 435.

From August 2014 for approximately 20 months, HMRC will begin sending Accelerated Payment Notices (APNs) may be issued to the users of the listed schemes.

APNs were announced following the Finance (No2) Bill 2014. HMRC can demand upfront payment of any disputed tax owed from using tax avoidance schemes before cases have been resolved.

The APN will specify the amount owed, which is payable within 90 days. Individuals are able to request a reconsideration of the amount which will extend this period for an additional 30 days. However, penalties will apply for late payment.

Any individual who has invested in a tax avoidance scheme, particularly those listed on HMRC’s list should not delay in making contact with an experienced tax investigations professional.

For confidential advice contact us on 0113 387 5670 or fill out an Enquiry Form .