DASVOIT ― penalties and powers

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides an overview of the penalties that can be imposed on a person who fails to comply with the reporting requirements in respect of a notifiable arrangement or proposal.

This note should be read in conjunction with the Disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT) ― introduction, DASVOIT ― notifiable arrangements and making the notification and DASVOIT ― the hallmarks guidance notes.

Detailed commentary can be found in De Voil Indirect Tax Service V5.212A and V5.213A.

Information powers

Legislation has been introduced that includes powers that enable HMRC to:

•
require a promoter to provide information about a party to the arrangements who is not a client
•
enquire into the reasons why a promoter or an introducer has not disclosed a proposal or arrangements and require further information and documents in support of that claim
•
require an introducer (a person who introduces clients to a promoter) to identify the person who provided the information relating to the proposed arrangements and anyone with whom a

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more

Owner-Managed Businesses

Repairs and renewals

Repairs and renewalsThe key consideration in determining whether expenditure on repairs and renewals is allowable as a deduction for tax purposes is whether it is capital or revenue in nature. In some cases, it can be relatively straightforward to identify revenue repairs. HMRC provides the

14 Jul 2020 13:23 | Produced by Tolley Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

��Ƶ