Tax Avoidance Scheme users to make upfront payments
The Finance Act 2014 passed into law on 17 July 2014.
HMRC is reported to have 33,000 individuals and 10,000 businesses in its sights, all of whom will receive payment notices in due course.
The likely implications of this new law are:
- Anyone who was in a Tax Avoidance Scheme will have to pay back the tax they avoided.
- This could result in some serious cashflow issues (even if they dispute the allegation).
- Some may decide to litigate against the advisor who recommended the Tax Avoidance Scheme to them.
The vast majority of notices to avoidance scheme users are proposed to be sent over the course of 2014-15 and 2015-16. They will be phased over the two years.
We are working with a team of expert solicitors and tax advisors to help anyone who is in this predicament.
Are you, or one of your clients, going to be on the list of 43,000?
If you are, and you would like to speak to us for specialist advice, give us a call (0161 907 4044) to hear what your options are. Or e-mail us on [email protected]
We are currently helping a number of Accountants and their clients who are effected by this new legislation. So we will be able to advise you.