HMRC launch retrospective legislation

Posted: 2nd March 2012

HMRCThe widely-reported tax avoidance scheme adopted by Barclays Bank is to be made unlawful by the creation of legislation which will act retrospectively, HM Treasury has announced.
The Government has previously set its face against retrospective tax legislation and it remains to be seen if this is a ‘one-off’ or a change of approach where tax avoidance schemes which are thought to be abusive are involved.
There is already an obligation on taxpayers and their advisors to notify HM Revenue and Customs of certain types of tax avoidance schemes and there is widespread discussion on bringing in legislation which will seeks to prevent generally artificial schemes created for the purpose of tax avoidance.
The Budget on March 21 is very likely to be one of the most significant for taxpayers in years. We will be posting brief summaries, with action points, for private and commercial clients as soon as possible after the Chancellor’s speech.
Visit our website on the evening of March 21 for more information.