HMRC says it has pulled in £32m as a result of sending out its first tranche of Accelerated Payment notices to users of marketed tax avoidance schemes, who are now required to pay any disputed tax upfront say Harris & Co accountants Northampton
About 30 scheme users were told in late August they had 90 days to pay a total of around £29m under the new regime. HMRC says that over 99% of this money was paid within the deadline, with several payment arrangements also in place.
Taking into account payments received from those who have not yet passed the 90 day payment deadline, HMRC says it has received £32m in disputed tax to date.
Accelerated Payments were included in Finance Act 2014. They apply where avoidance schemes are subject to the Disclosure of Tax Avoidance Schemes (DOTAS) rules or the General Anti-Abuse Rule (GAAR), or where they are similar to a scheme that has already been defeated in the courts.
So far, HMRC has issued over 1,750 Accelerated Payment notices, to the value of £400m, the majority of which have not reached the 90 day payment deadline. From January 2015 HMRC will be issuing 2,500 Accelerated Payment notices each month.