Finance Bill 2014 received Royal Assent on 17 July 2014 and became Finance Act 2014. With this HMRC’s new tax collection powers in respect of the ability to issue accelerated payment notices and follower notices became law.
For further information and background to accelerated payment notices and follower notices please click here. On 15 July 2014 HMRC published a list of tax planning arrangements previously notified under the Disclosure of Tax Avoidance Scheme (“DOTAS”) regime where participants may be issued with accelerated payment notices. David Nash, Partner said “Individuals or businesses who are participants in DOTAS registered schemes should ensure they seek urgent advice. Some key questions are: • How will the new measures work and what effect may they have for me? • If HMRC do issue an accelerated payment notice is it valid? • Does HMRC have a valid enquiry open into the tax relief claim in question? • What action should be taken on receipt of an accelerated payment notice? • What action should be taken in respect of HMRC’s enquiry into the underlying tax relief claim? Advice should be sought from an appropriately qualified independent person. Neither HMRC or the promoter of the DOTAS registered scheme can offer independent advice.”