DISCLOSURE OF TAX AVOIDANCE SCHEMES: NEW GUIDANCE
August 19 2004. There is new guidance on the disclosure rules for tax avoidance schemes to help provide certainty for businesses and tax advisers.

The disclosure rules, announced in the 2004 Budget, will provide the Inland Revenue with earlier information about potential tax avoidance schemes and enable the Government to make a swifter and better-targeted response, and will deter the creation of contrived and artificial schemes whose main purpose is to avoid tax.

The guidance aims to provide a practical guide to make clear who is within the disclosure rules and the steps they must take to comply with them.

The disclosure rules are targeted at certain schemes and arrangements based on financial and employment products. These are areas where experience shows the Exchequer to be at greatest risk of serious tax avoidance. The rules took effect on 1 August 2004.

www.inlandrevenue.gov.uk/aiu/index.htm