Clause 294 - Duty of parties to notifiable arrangements not involving promoter

Part of Finance Bill – in a Public Bill Committee at 6:00 pm on 22nd June 2004.

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Photo of Mr Howard Flight Mr Howard Flight Shadow Chief Secretary To the Treasury, Economic Affairs, Shadow Chief Secretary to the Treasury 6:00 pm, 22nd June 2004

The provisions, as described, should be targeted at least initially at marketed schemes that are being promoted. The clause imposes an obligation on a taxpayer who enters into arrangements without the involvement of outside advisers. Such an obligation should be limited to his final ordinary, self-assessment requirements, and the clause illustrates the fundamental point that I have been trying to make throughout, namely that the requirements have moved well wide of the reporting of unacceptable schemes.