The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Under the disclosure of tax avoidance scheme (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.
This guidance note considers whether a scheme is notifiable in relation to the various taxes. For an summary of the DOTAS regime, including the taxes to which it applies and who must make the disclosure, see the Disclosure of tax avoidance schemes (DOTAS) ― overview guidance note.
For details of the action which end users of the scheme must take, see the DOTAS ― what end users must do guidance note.
The DOTAS rules do not include a definition of an avoidance scheme, instead they focus on whether a scheme is ‘notifiable’. A scheme can be something that it is described as such, but the rules apply equally to any arrangements. This guidance note uses the term ‘scheme’ to cover both.
A ‘scheme’ is notifiable if it is expected, or can reasonably be expected:
to deliver an advantage in relation to any of the taxes listed in the Disclosure of tax avoidance schemes (DOTAS) ― overview guidance note
that advantage is the main benefit or one of the main benefits of the scheme, and
that it carries certain ‘hallmarks’ or contains specified features. Those hallmarks or features vary according to the type of tax concerned and are discussed below
Tax: FA 2004, s 306; SI 2006/1543; National insurance: SSAA 1992, s 132A; SI 2012/1868, reg 25 as read with SI 2006/1543
The table below shows which hallmarks apply for which taxes, depending whether or
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Liability of the personal representativesAfter a person’s death, the property of the deceased is vested in the personal representatives (PRs) to enable them to manage and distribute the estate in accordance with the Will or the terms of intestacy. See the Personal representatives guidance note.The
Arguably, the most important exemption from IHT is the married couple / civil partner exemption.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’). The exemption applies to inter-spouse
Notices of coding are the means by which HMRC notifies both the employee and the employer of the tax code to be applied to the employee’s earnings. There are several types of coding notice, as detailed below. Only one of these types of notice, form P2, is sent to the employee, the others are sent to
IntroductionA pension scheme that is not a registered scheme is known as an EFRBS. Since April 6 2006, the distinction between what were approved and unapproved pension schemes has been replaced with a distinction between registered and unregistered schemes.The position as it applies with effect