The Government has confirmed that it intends to bring forward a new penalty regime targeted at enablers of defeated tax avoidance schemes.
The Government has confirmed that, having conducted an extensive consultation, it intends to introduce a new penalty for “enablers” of defeated tax avoidance schemes.
This is not a surprising development and KPMG supports HMRC’s objective of cracking down on egregious tax avoidance.
Our primary concern with the proposals as originally published was the broad scope which had the potential to have a chilling effect on normal commercial transactions.
The Chancellor’s statement that the regime “will reflect…extensive consultation and input from stakeholders” is welcomed and we look forward to seeing the draft legislation.