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09/07/2014
HMRC To Get New Powers To Demand Upfront Payments For Disputed Tax
HM Revenue and Customs are preparing to target some of the biggest names in sport, entertainment and business, with the introduction of new powers in a matter of weeks.
The new Finance Bill will give HMRC the power to demand payment of disputed tax bills, meaning those in dispute would have to pay upfront.
An estimated 33,000 people who have invested in so-called tax avoidance schemes, will also be affected by the new law.
Under the law, HNRC will send a letter demanding payment within 30days, with the person or business only having money refunded if a dispute is settled in their favour.
The changes have been described as a "game changer in the battle against tax avoidance".
(MH/IT)
The new Finance Bill will give HMRC the power to demand payment of disputed tax bills, meaning those in dispute would have to pay upfront.
An estimated 33,000 people who have invested in so-called tax avoidance schemes, will also be affected by the new law.
Under the law, HNRC will send a letter demanding payment within 30days, with the person or business only having money refunded if a dispute is settled in their favour.
The changes have been described as a "game changer in the battle against tax avoidance".
(MH/IT)
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