Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/31/2012

United Kingdom - Proposals to expand tax avoidance regimes 

July 31:   HM Revenue & Customs (HMRC) issued a consultation document, Lifting the Lid on Tax Avoidance Schemes, to provide public awareness and to set forth proposals concerning tax avoidance regimes (or “schemes”).

The consultation document’s focus is on strengthening and extending the UK’s Disclosure of Tax Avoidance Schemes (DTAS) regime, and the proposals would affect both promoters and some in-house regimes with respect to:


  • Improving publicly available information on risks of using tax avoidance regimes
  • Improving information reporting via the DTAS program
  • Receiving more information on regimes available in the market by extending the hallmarks

In other tax-related news, the reports from the UK concern:


  • Improving transfers and dealing with “small” pensions
  • Updating of the OECD model convention article 26 – exchange of information
  • Foreign currency assets and chargeable gains

Read a July 2012 report [PDF 156 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (27 July 2012)




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