The Construction Industry Scheme (CIS) - Landlord contributions to tenants‚ works
This was the key message to advisers from HMRC during last week‚ s ‚ Talking Points‚ webinar on serial tax avoidance, the slides of which are attached. HMRC advised listeners to make contact with them as soon as possible to discuss individual cases. Finance Act 2016 Schedule 18 introduces a new ‚ serial tax avoidance‚ regime to address taxpayers who engage in tax avoidance schemes which HMRC defeat. Despite its name, the regime is not just aimed at frequent users of avoidance schemes. In fact, use by a taxpayer of just one scheme which is defeated by HMRC could result in the taxpayer falling into the regime. The regime comes into effect on 6 April 2017 and consists of a series of warnings and escalating sanctions, including financial penalties, ‚ naming and shaming‚ and denial of exploited tax reliefs.