HMRC has published guidance on the settlement opportunity, announced last month, for users of tax avoidance schemes that ‘generally seek to create tax relief much greater than the real economic cost borne by the participants’.
In a series of FAQs the department said the opportunity would not be ‘open ended’.
It added: ‘If the opportunity is not taken up, we will continue to progress our enquiries with a view to litigating the partnership to an accelerated timescale. There is no deadline for acceptance, but as litigation nears it will become more likely that we will consider the dispute is no longer appropriate for this settlement opportunity.’
The guidance published earlier this week includes the terms of the settlement opportunity for ‘UK GAAP partnership schemes’.
HMRC has published guidance on the settlement opportunity, announced last month, for users of tax avoidance schemes that ‘generally seek to create tax relief much greater than the real economic cost borne by the participants’.
In a series of FAQs the department said the opportunity would not be ‘open ended’.
It added: ‘If the opportunity is not taken up, we will continue to progress our enquiries with a view to litigating the partnership to an accelerated timescale. There is no deadline for acceptance, but as litigation nears it will become more likely that we will consider the dispute is no longer appropriate for this settlement opportunity.’
The guidance published earlier this week includes the terms of the settlement opportunity for ‘UK GAAP partnership schemes’.
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