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The Finance Act 2014 introduced significant new powers for HMRC. These powers require taxpayers to settle disputes where their tax avoidance scheme is similar to one defeated in another party’s litigation.
HMRC can impose penalties of up to 50% of the tax advantage for non-compliance. These penalties also apply if taxpayers pursue litigation and are unsuccessful. The legislation applies to arrangements entered into in the past, not just arrangements entered into after its enactment on 17 July 2014.
This new legislation can affect individuals, partnerships, companies and trusts who have entered into any planning arrangements where they have an open appeal or enquiry.
We can help to review your planning arrangements and consider early settlement. Time limits are in place for HMRC to use these powers. However, if you've received a follower notice, it pays to seek professional advice.
That's where Grant Thornton comes in. Our specialists can help you understand your rights and obligations, and advise you on the best course of action.
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