Tax payable in advance
We now have confirmation that HMRC will be able to collect tax from disputed planning up front; if the taxpayer then wins in the courts the tax will be refunded. In terms of disclosable schemes this is almost a death knell.
What is not yet clear is whether the powers will be retrospective – we await the final documents on this. Any such retrospective action could cause real cash-flow issues as people will not have time to plan
Date: 19th March, 2014
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