HMRC release avoidance disclosure statistics
HMRC have published the updated six-monthly avoidance disclosure statistics for the period from 1 April to 30 September March 2013. The statistics cover both direct and indirect taxes including Income Tax, Corporation Tax, Capital Gains Tax, National Insurance Contributions, Stamp Duty Land Tax and VAT.
The DOTAS legislation targets taxpayers who implement listed tax avoidance schemes as well as the promoters of tax avoidance schemes.
The arrangements for VAT are different and are limited to two main categories – listed schemes and hallmarked schemes. The listed schemes refer to specific schemes noted in the relevant legislation which taxpayers must notify to HMRC where their annual turnover is above £600k. Hallmarked schemes are schemes which, whilst not specifically listed in the legislation, meet one of a number of designated ‘hallmarks’ of avoidance.