Changes to HMRC powers re excise duties
HMRC have issued a supplement to the recent consultation document on the modernisation of their information and inspection powers as regards excise duties. The initial document was published in December 2009 and has now been supplemented by draft legislation and explanatory notes for the proposed compliance checking framework.
The draft legislation seeks to change the rules for record-keeping, inspection powers and time limits as related to excise duties. As an example the time limits for assessments and claims re excise duties will be increased from three to four years to bring the rules back in line with other indirect taxes where the time limits have already changed.
The closing date for comments on the consultation is 3 March 2010. Comments can be sent by email firstname.lastname@example.org or by post to HMRC Review of Powers: Excise, Room 1/72, 100 Parliament Street London, SW1A 2BQ.
It is expected that the legislation will be included in Finance Bill 2010 with an implementation date in 2011.