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ANTI-AVOIDANCE AND COMPLIANCE

MEASURES

Liechtenstein and Crown Dependencies Disclosure

Facilities

The Liechtenstein Disclosure Facility will close at the end of 2015

instead of in April 2016. This is in advance of a new disclosure

facility. The existing Crown Dependencies Disclosure Facilities

will close at the end of 2015, instead of September 2016, also in

advance of a new disclosure facility.

Common Reporting Standard

New legislation will mean that financial intermediaries can

be required to notify their UK resident customers with UK or

overseas accounts about the Common Reporting Standard, the

penalties for evasion and the opportunities to disclose.

Marketed avoidance schemes

New legislation covering several aspects of marketed

tax avoidance schemes will be introduced. This

includes tougher measures targeting ‘serial avoiders’

who persistently enter into tax avoidance schemes

which fail and an increase in the deterrent effect of

the General Anti-Abuse Rule (GAAR).

Disclosure of tax avoidance schemes

(DOTAS)

The DOTAS rules will be strengthened, notably in

respect of inheritance tax. This widens the potential

application of advance payment notices.

Digital currencies

Anti-money laundering regulations are to apply to digital

currency exchanges in the UK.

BUDget

18 March 2015

page 15