Expected demands for tax on historical planning
It is anticipated that the first demands for tax payments in respect of past planning schemes could be sent out next month, with the first payments due in November.
The Treasury has acknowledged that the new measures are likely to result in a flood of litigation and will require extra resourcing for tax tribunals.
The Judicial Appointments Commission is inviting applications for up to 39 full-time and part-time posts in the First Tier and Upper Tax tribunals to deal with extra appeals.
HMRC is expected to publish a list of the schemes affected by the changes before the Finance Bill becomes law. It estimates that around 33,000 accelerated payment notices will be issued. It appears that it should be possible to enter into time to pay arrangements with HMRC.
Date: 30th July, 2014
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