After an initial attempt at drawing up revised Regulations for the Disclosure of Tax Avoidance Schemes Regulations (DOTAS), HMRC published a second attempt on 20 April. This second consultation came to a close on 13 July.
Canada Life has submitted a response. Although indirect taxes, including VAT, and inheritance tax were included in the consultation, we concentrated solely on inheritance tax. We indicated in our response that, although the inclusion of a list of excepted arrangements in the Schedule is a step in the right direction, the contents could and should be improved.
A response to the consultation will be published by HMRC “later in the year” and revised regulations in respect of the disclosure of inheritance tax avoidance arrangements are intended to be issued in 2016.
These are exciting developments for the financial services industry and we await further details with interest. Watch this space for additional news. In the meantime, if you need any more detail, please contact the ican team.