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Budget 2008 > Individuals > Disclosure
 

 

Disclosure

Legislation will be introduced in Finance Bill 2008 to improve the existing system of identifying users of schemes disclosed to HMRC’s Anti Avoidance Group under the Disclosure of Tax Avoidance Schemes (DOTAS) regime.

The measures include:

  • Amendment to the co-promoter rules which will allow for more than one promoter to disclose an arrangement to HMRC on the same form. Alternatively, a promoter can provide a co-promoter with the HMRC Scheme Reference Number (SRN) and relieve that co-promoter of any obligation to disclose the arrangement to HMRC.

  • The introduction of a standardised HMRC form which a promoter must use to pass on the SRN to a user of the arrangement.

  • Provision for HMRC to withdraw a SRN.

Our view
We welcome the proposals to simplify the administrative side of the DOTAS regime and, in particular, the ability of HMRC to withdraw SRNs. We hope that HMRC will use this new power appropriately and that taxpayers will be removed of the obligation to return an SRN for schemes that, as time elapses, have lost their DOTAS characteristics.

 
   

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