As has been widely reported in the press, HMRC have now published their list of tax avoidance schemes, the users of which may soon be required to make an upfront tax payment. Those who have used a disclosed avoidance scheme on HMRC’s list may, from August 2014, receive a notice from HMRC requiring them to make an accelerated tax payment, even though the scheme is still under dispute with HMRC.
If you are concerned that you may be involved in an affected scheme, you should check whether any reference number issued to you by the promoter of the scheme (which you should have included in your relevant self-assessment tax return(s)) is included in the list which may be viewed here.
If you are in any doubt as to your position, or wish to discuss your options (including any settlement opportunity you may have been offered by HMRC), our experienced tax team can advise. Please contact Emma Bailey, email@example.com, on 020 7614 2560, or speak to your usual Fox Williams contact.