HMRC offers chance to settle
June 12, 2014
By Ronnie Pannu
Following a growing number of decisions in the courts concluding that certain tax schemes do not work as intended, HMRC (HM Revenue & Customs) has begun to contact participants as these decisions have resulted in significant amounts of tax becoming due from a large number of cases.
HMRC are also sending out letters encouraging participants of similar schemes to come forward and enter into discussions with them to resolve the outstanding issues or face being prioritised for litigation. The letters indicate that there is a limited window of opportunity to register an interest in exploring settlement with HMRC.
Whilst entering into discussions with HMRC may well be the most beneficial course of action, it is important to have a clear understanding of your position given the complexity of the tax and legal issues around some of these arrangements and the options going forward. Care is also needed as there is a risk that despite reaching a settlement that addresses the historic tax position, there may be future tax exposures which remain unaddressed.
If you would like to understand more about this and how it could potentially impact you, please get in touch.
Ronnie Pannu on 07801 685102 or email [email protected]