Finance Bill 2016 includes provisions for HMRC to require information on certain state aid issues so that the department can provide it to the European Commission, says Kelly Stricklin-Coutinho (39 Essex Chambers).
HMRC has asked for access to the leaked data – the ‘Panama papers’ – which, it is alleged, reveal large-scale tax evasion and money laundering facilitated by Mossack Fonseca, a law firm based in Panama.
HMRC has published guidance on the new ‘special measures’ regime in Finance Bill 2016 (Sch 19) for those large businesses which persistently engage in aggressive tax planning, or refuse to engage constructively with HMRC.
From 31 March 2016, employers must use new form AAG8 to provide information to HMRC about employees where a tax advantage is expected to arise in connection with their employment as a result of notified arrangements.
Employee share-scheme avoidance
The monthly review of tax issues affecting the City, by Mark Middleditch (Allen & Overy).
Tax advisers are going to be required by law to inform their clients about the dangers of not declaring offshore income using wording specified by HMRC. No harm in that, you might think, but where does it end?
Peter Vaines (Field Court Tax Chambers) suggests it is time for Parliament to step in to counter unintended consequences of APNs.