Under the DOTAS regime, persons have to self assess tax planning proposals or arrangements, and if these meet one or more ‘hallmarks’ they must be disclosed to HMRC.
The DOTAS regime is deliberately cast quite widely so that it is capable of applying both to something that everyone would recognise as a tax avoidance scheme and to any set of arrangements that may be expected to deliver a tax or national insurance advantage as a main benefit. In this guidance note, the word ‘scheme’ is used to cover any sort of scheme or arrangement within that description.
The DOTAS regime allows HMRC to act faster where it suspects a scheme should be disclosed under DOTAS but has not been. HMRC can issue an FA 2004, s 310D information notice to any person it suspects of being a promoter or supplier of services in relation to the scheme, requiring them to satisfy HMRC with 30 days that the scheme is not notifiable under DOTAS. The notice does not require approval
Losses on shares set against incomeUsually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note
Enterprise management incentive schemesWhat is an enterprise management incentive (EMI) scheme?The enterprise management incentive (EMI) scheme is a tax-advantaged share option employee incentive scheme aimed at small entrepreneurial companies that meet certain conditions. It is designed to assist
Capital allowances on carsSummary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions of 50g/km and below 18%CAA 2001, s 104AASecondhand cars with CO2