- Consultation on disclosure of tax avoidance schemes for indirect taxes and IHT
- Original news
- What is the background to this latest consultation?
- Can you remind us how VADR currently differs from the main DOTAS regime?
- How is the government proposing to amend the VADR?
- Why does the government want to align VADR and DOTAS, and why now?
- Will the main DOTAS rules need to change to accommodate the unique features of VAT, eg the definition of a tax advantage?
- How is the government proposing to amend the IHT hallmark, and why now?
- How does the latest proposed IHT hallmark differ from the previous version that was published in July 2015?
- What sort of planning do you think HMRC is targeting when it says in 4.11: A gift into trust that incurs the 20% entry charge would normally be caught only if the settlor could benefit from the asset and there was an attempt to circumvent the reservation of benefit provisions that would otherwise apply on death?
- When are the VAT and IHT changes likely to be effective?
- Are the new rules easy to interpret, and do you foresee practitioners needing to make many more disclosures once the changes are in force?
Tax analysis: HMRC recently published a consultation on disclosure of tax avoidance schemes for indirect taxes and inheritance tax (IHT). Ray McCann, a partner at New Quadrant Partners Ltd, considers the background to the consultation and addresses some of the main points.
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