As reported last year the 2009 Finance Act contained provisions to reduce various tax related time limits from 6 years to 4 years. At the time it was not known when this would come into effect. The Government have now issued the relevant Statutory Instrument  which gives effect to these changes from 1 April 2009. 

There are however some transitional rules which mean that the reduced time limits in respect of claims for tax repayments do not come into effect until 2012. Nevertheless prudence suggests that any outstanding claims should be made sooner rather than later.

• Email This
• Print
• Comments
• Share Link
• Mercer Hole Homepage
• Contact Us

HMRC Revenue & Customs announced yesterday that they are taking steps to close a “highly contrived” tax avoidance scheme. The arrangements involve complex structures including both companies and trusts (possibly offshore). Some details can be found on the HMRC website and a ministerial statement will be made in Parliament today.

Maybe this will help plug the shortfall in tax receipts discussed in The Times on Saturday. The article indicates that HMRC are stepping up there investigations into Self Assessment Tax returns. The returns for the year to 5 April 2009, if not already filed, are due by the end of the month.

• Email This
• Print
• Comments
• Share Link
• Mercer Hole Homepage
• Contact Us