PwC: Tax Investigations Newsflash A disclosure opportunity for plumbers turns into a general tax amnesty
HM Revenue and Customs (HMRC) has today launched the Plumbers Tax Safe Plan (PTSP). The PTSP invites plumbers, gas fitters and heating engineers to come forward between 1 March and 31 May 2011, make a disclosure of unpaid tax liabilities and take advantage of beneficial settlement terms with HMRC.
The terms of this campaign are very similar to earlier ones targeting offshore income and the medical profession. There is fixed time to notify, fixed time to make the disclosure and arrange payment, reduced penalties and a restriction on the number of years to be disclosed.
Although the PTSP is targeted specifically at these trades, it is clear from the terms that there is an opportunity for any taxpayer considering making a voluntary disclosure to benefit from the reduced penalties and assessment periods offered under PTSP. HMRC's guidance says "Customers who voluntarily come forward and put right their tax position can expect very similar terms to those on offer through PTSP".
The interaction with the Liechtenstein Disclosure Facility (LDF), which is still open, is complex, and careful assessment of the best way of making a disclosure may be required.
For help and advice for any company or individual considering how best to make a disclosure to HMRC please call 0800 328 8215 or talk to your usual PwC contact.
Our tax investigations e-newsflashes bring key developments to your attention as they happen. If you would like to discuss anything covered by this newsflash or any tax investigation issue please call our 24 hour helpline on 0800 328 8215 or email tax.investigations@uk.pwc.com. Visit our website:www.tax-investigations.com.
Tuesday, 1 March 2011
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