LONDON: HM Revenue & Customs will publish a new list of reference numbers for tax avoidance schemes which may be subject to accelerated payment notices.
The tax office said it would issue the list after the General Election on 7 May, marking further efforts by the UK government to clampdown on suspected tax avoiders.
Accelerated payment notices are sent to taxpayers involved in avoidance schemes, outlining that they must take action to amend their return or claim to have benefited from a tax advantage within a certain time frame, or face a penalty.
The publication of the tax avoidance scheme reference list will see thousands of individuals and businesses receiving unwanted news in the form of an accelerated payment notice,” said Dawn Register, partner in the tax dispute resolution team at accountancy network, BDO.
She said the new list will cause “huge anxiety” for many individuals who are ordered to pay the tax back, particularly those who entered into a tax avoidance scheme many years ago without understanding the full ramifications.
The first notices were sent out in August last year and have proved to be a controversial measure, with two thirds of UK citizens opposing the policy, according to a poll in March.
Some schemes are effectively ‘dead in the water’ because they have already been through the courts and found to not work,” said Register. “While others may need to be reviewed in light of recent court hearings to understand the merits of continuing to defend the scheme.
