HMRC issues 74-page guidance note on disclosing tax avoidance schemes

HM Revenue & Customs (HMRC) has issued a 74-page guidance note on the disclosure of tax avoidance schemes.

This guidance outlines what to do if you promote or use arrangements that will or are intended to provide the user with a tax advantage when compared to adopting a different course of action ("tax arrangements").

It includes advice on:

• tax arrangements relating to income tax, corporation tax and capital gains tax;
  
• tax arrangements relating to stamp duty land tax;
  
• the criteria for deciding if the tax arrangements are required to be disclosed to HMRC;
  
• how to make a disclosure;
  
• the systems HMRC expects users of tax arrangements to have in place to monitor for arrangements that they may potentially
  need to disclose to HMRC, rather than the promoter;
  
• how to notify HMRC that you are using a disclosed tax arrangement.

The guidance is available for download from HMRC's website (pdf).