15 March 2023 l BUDGET 15 Promoters of tax avoidance The government is consulting on the introduction of a new criminal offence for promoters of tax avoidance who fail to comply with a legal notice from HMRC to stop promoting a scheme. It is also consulting on speeding up the disqualification of directors of companies involved in promoting tax avoidance, including those who exercise control or influence over a company. Tax fraud The maximum sentence for ‘the most egregious forms of tax fraud’ will double to 14 years. Office of Tax Simplification The Office of Tax Simplification will be abolished with effect from Royal Assent to the Finance Bill 2023, as previously announced. Cash basis reform The government is consulting on reforming the cash basis for self-employed people, with a view to increasing the number of eligible businesses and the use of the cash basis. It focuses on the possibility of: • increasing the turnover thresholds for businesses to use the cash basis; • setting the cash basis as the default, with an opt-out for accruals; • increasing the £500 limit on interest deductions; and • relaxing restrictions on using relief for losses. Cryptoassets Changes will be introduced to CGT self-assessment tax return forms for 2024/25 to require amounts in respect of cryptoassets to be separately identified.
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