Finance Act 2014

Finance Act 2014
A few weeks ago saw enactment of a Finance Bill that activates controversial new powers that enable HMRC to accelerate collection of tax on tax avoidance schemes.

This Bill is called the Finance Act 2014 Grant Royal Asset and it’s important that businesses are aware of this and understand how it may apply to them.
Using the new rules HMRC may issue a notice to make taxpayers pay disputed tax in advance rather than having to wait for a tribunal decision.

Any taxpayer who wins their case would eventually have the tax paid on account repaid with interest. The interim effect on cash funds in many cases could damage both the business and personal finances. It is anticipated that this regime may contribute to a rise in the numbers declared bankrupt.

HMRC has confirmed that these notices will be issued over a phased 20 month period between from now until March 2016.

We urge anyone receiving such a notice not to panic, the first step is to contact the provider of any tax avoidance scheme for support. In some cases it may even be possible to agree delayed payment arrangements with HMRC. 

Get in touch by phone on 0115 956 9452 or send us an email on This email address is being protected from spambots. You need JavaScript enabled to view it. and we can advise on next steps.
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