HMRC consultation on penalties for scheme developers/marketers

[difficulttimes]

Also the timing of this is definitely no coincedence with the 2019 charge. They can use this consultation to rebut any suggestion that they are targeting contractors with 'we are pursuing the scheme promoters as well as you can see'..
It's all part of a grand plan where there is only one eventual outcome - contractor pays (or bankruptcy), HMRC get their money and promoters are no longer.
Nothing will happen to promoters/accountancy firms - this is all just smoke and mirrors.

[carling]

I assume this is the consultation.

https://www.gov.uk/government/consul...ssion-document

[BrilloPad]

Soon the government will make ISAs illegal retrospectively. Then they will get big fines off the banks that provided them.

The changes are the HMRC wedge getting bigger.

[QCApproved]

section 5 is a gem shame its 10 years too late

[QCApproved]

it seems unfair this is not retro

[DotasScandal]

it seems unfair (...)

[eek]

3.17 is rather worrying if you are the accountant in example 3.1

section 5.8 gives me lots of thoughts for screwing people over....

[difficulttimes]

This document talks about 'being defeated' we all know that this won't happen as it now won't get that far. You can only be defeated as instructed by the judiciary..

[AtW]

Nothing will happen to promoters/accountancy firms

Next step will be to force promoters have guaranteed financial cover for their schemes in the event they lose in court so that they can't just go bust and avoid paying, that would have very powerful deterrent effect, which is what HMRC wants.

This "scheme based tax avoidance" will be left only to top accounting firms (who'd also think twice now as it would be THEIR money at stake now) and underground schemers based offshore who will struggle to find scale.

All of this is 15-20 years too late, but better late than never.

[Dylan]

Next step will be to force promoters have guaranteed financial cover for their schemes in the event they lose in court so that they can't just go bust and avoid paying, that would have very powerful deterrent effect, which is what HMRC wants.

This "scheme based tax avoidance" will be left only to top accounting firms (who'd also think twice now as it would be THEIR money at stake now) and underground schemers based offshore who will struggle to find scale.

All of this is 15-20 years too late, but better late than never.

Yep, next up one man ltd companies pretending to be in business, and the accountants that promote working like that