Disclosure of tax avoidance schemes
HMRC have announced changes to the rules governing the disclosure of
tax avoidance schemes. For accounting periods starting on or after 1
April 2009 companies must report a Scheme Reference Number (SRN) in
their tax return for the year in which the scheme is implemented rather
than the year in which the SRN is received. Rules have also been
introduced concerning the limited conditions under which taxpayers need
to report an SRN outside a tax return.
Our view
This is a minor amendment to the timing rules for SRNs and is unlikely
to have any significant impact on users of SRNs.