HMRC’s guidance is often of limited value in a taxpayer dispute, and there is an increasing trend of HMRC ‘clarifying’ guidance, sometimes with purported retrospective effect. What then is it good for, ask Sarah Ling and Jack Slater (Macfarlanes).
The UK has depending on who you ask either the longest or one of the longest tax codes in the world. It might be thought that this length is due to rules being drafted with such a high level of specificity that any uncertainty is minimised. Unfortunately as the readers of this article will be aware that is not the case; the UK’s tax legislation is littered with subjective tests broad anti-avoidance rules narrowed by guidance and discretionary powers awarded to HMRC.
Alongside the extensive legislation sits an equally comprehensive body of guidance including guidance expressly aimed at the public memoranda of understanding...
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HMRC’s guidance is often of limited value in a taxpayer dispute, and there is an increasing trend of HMRC ‘clarifying’ guidance, sometimes with purported retrospective effect. What then is it good for, ask Sarah Ling and Jack Slater (Macfarlanes).
The UK has depending on who you ask either the longest or one of the longest tax codes in the world. It might be thought that this length is due to rules being drafted with such a high level of specificity that any uncertainty is minimised. Unfortunately as the readers of this article will be aware that is not the case; the UK’s tax legislation is littered with subjective tests broad anti-avoidance rules narrowed by guidance and discretionary powers awarded to HMRC.
Alongside the extensive legislation sits an equally comprehensive body of guidance including guidance expressly aimed at the public memoranda of understanding...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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