Tax Avoidance Schemes

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Posted in:Banking and Finance|August 7, 2014 | Join the mailing list

There was recently a flurry of news regarding tax avoidance schemes in preparation to the Finance Bill becoming the Finance Act 2014 (“the Act”).  The Bill received Royal Assent on 17th July 2014 and is now statute law.  It is a substantial piece of legislation
running to 668 pages. The Act has implemented some significant changes so ensuring you seek adequate advice is essential.

In regards to tax avoidance schemes HMRC now has greater powers to be able to issue demands for payment of tax where a person is a member of a registered tax avoidance scheme that HMRC is challenging or has challenged.

Clients are now facing receiving an accelerated payment notice or a follower notice from HMRC. It is critical to know how to respond to these legislative changes and it will help you to approach HMRC as soon as possible as it is of vital importance that any
appeal or representation is made very promptly-strict time limits apply.

Promoters of tax avoidance schemes now also face liability themselves under the new provisions which include the imposition of penalties for promoters of tax avoidance schemes. These penalties could be substantial.

If you have received a notice from HMRC anticipate receiving such notice and would like to know the likelihood of being sent a notice, please contact a member of Berg’s Banking & Financial Litigation Team.  Where specialist accounting input is required we can
also facilitate an appropriate introduction as part of a holistic approach to resolving the issue.

For more information about any of the above or for practical advice on this or any other aspect of banking and financial disputes, please contact
Kalvin Chapman of the Berg Banking Litigation Team on 0161 833 9211 or email him at

(The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Berg or any of its partners or employees. Professional legal advice
should be obtained before taking, or refraining from taking, any action as a result of this article.) 

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