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Overview of the disclosure facility

On 10 January 2019 HMRC launched a new disclosure facility called the Profit Diversion Compliance Facility (PDCF).

An appeal case in the First Tier Tribunal of May this year, G Daniels v HMRC [2018] UKFTT 462 TC06640, made for entertaining reading.

In his October Budget, the Chancellor effectively narrowed the scope of entrepreneurs’ relief and its attractive 10% tax rate on eligible capital gains.

Some readers will remember my article, ‘The Turn of the Tide?’ in the January 2018 issue of Tax Adviser.

There’s widespread acknowledgment that the guidance produced by HMRC is of critical importance in reducing the complexity of the UK’s tax system. Our legislation is lengthy and so is our case law.