The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the powers that can be used by HMRC and will link to other guidance notes where more information can be found. This note should be read in conjunction with the HMRC powers ― Part I guidance note.
HMRC has the power to obtain documents from tax agents who have been engaging in dishonest conduct. HMRC also has the power to impose penalties and publish their details. Criminal penalties can also be imposed on dishonest tax agents as well.
HMRC can issue a ‘file access notice’ that requires the tax agent or other person to produce relevant documents that HMRC believes to be in their possession. The person issued with the notice will be referred to as the ‘document holder’.
A file access notice may require the production of specified relevant documents, or all relevant documents in the document-holder's possession or power. The notice does not need to identify the tax agent’s specific client, but if it is addressed to someone other than the tax agent, the name of the tax agent must be quoted. The notice may specify that documents must be reasonably provided by a certain date, in a certain format and delivered to specific individuals at a specific place. Copies of the documents specified will normally suffice if HMRC has not specified that it requires the originals. HMRC may take copies or extracts of any documents provided under a file access notice. HMRC is also entitled to retain such documents where this is considered necessary, but it must provide the document-holder with copies free of charge on request, and compensate the document-holder if they lose any documents.
However it should be noted that a document holder is not required to produce the following:
a document which is not within the tax agent’s possession or power
parts of a document that contain information relating to the conduct of a pending appeal relating to tax
journalistic material as defined
**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
‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.