CIOT and LITRG consultation responses: Extension of offshore time limits
Released 11 May 2018
The CIOT and LITRG have expressed concern about HMRC’s proposal to introduce extended time limits for assessing offshore income, gains and transfers.
The Chartered Institute of Taxation (CIOT) and Low Incomes Tax Reform Group (LITRG) have published their respective comments submitted to HMRC in response to the consultation seeking views on the design principles for legislation to implement a new minimum time limit of 12 years for HMRC to make tax assessments or notices of determination in cases involving offshore income, gains or chargeable transfers. The CIOT commented that it has concerns about the plan to extend offshore time limits in the way proposed, both as to the need for it and the perverse consequences that it risks. The LITRG suggests that the proposals are unfair and poorly targeted, adding complexity to the existing regimes.
View the submissions: