Risky tax schemes forced to reveal HMRC surveillance

New rules will require schemes identified as ‘high risk' and who are being monitored by HMRC to reveal their status to their clients and why they are under surveillance. The measures, which will come into force on 27 March, will "deter intermediaries from acting for [such promoters] and clients and potential clients from using their products", HMRC said. Promoters of tax avoidance schemes become ‘monitored' once they have breached the terms of a 'conduct notice' issued to them by the tax office. Under laws introduced last summer HMRC can issue promoters it has identified as 'high r...