- Draft Finance Bill 2016—tax avoidance provisions
- What are the promoters of tax avoidance scheme (POTAS) rules designed to achieve?
- What is the effect of Finance Bill 2016 draft clause 64, and is there much (or any) change from the proposals in the July 2015 consultation document?
- Do you think the changes indicate that the POTAS rules may not have been hitting the mark so far, from HMRC’s perspective?
- The new POTAS rules look complex, do you foresee any difficulties of interpretation or otherwise?
- Turning to the new regime for serial avoiders (in Finance Bill 2016 draft clause 63)—how will a person be designated as a serial avoider and what sanctions will they be subject to? Is the draft legislation in line with the regime that was outlined in the July 2015 consultation document?
- Why do you think the government is introducing the serial avoider rules at this time?
- Do you think the serial avoider rules look fair, or unnecessarily draconian?
- What are the main amendments being made to the GAAR by Finance Bill 2016 draft clauses 60 to 62?
- What is the time limit for a taxpayer to comply with HMRC’s counteraction in order to avoid the proposed GAAR penalty?
- What do you think will be the impact of these changes to the GAAR?
- When do the POTAS, serial avoider and GAAR measures come into effect?
Tax analysis: What tax avoidance provisions are included in the draft Finance Bill 2016? Ray McCann, partner at New Quadrant Partners Ltd, examines the provisions and questions whether HMRC has a proper grip on the current levels of tax avoidance.
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