Opinion

To advise or not to advise

Anyone or any business seeking advice from HMRC on how legislation is interpreted is presently given an answer based on the Code of Practice 10 (Information and Advice). From 30 September this Code is being replaced with something called CAP1.

Under CAP1 there is no difference between a taxpayer that is a business or a private individual or indeed what is a business activity. Further, HMRC will not help you plan a tax arrangement and nor will they approve of plan. They will, however, clarify a proposed transaction.

Remember, that if you do not agree with or follow an opinion given by HMRC and you choose a different view on the subject, that you will have to disclose this in your tax return.

This was first published in August 2011

Join the conversation Comment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.