HMRC has published new guidance providing for publication of names re: high risk promoters. To the extent a promoter has not complied with the terms of a Conduct Notice previously communicated to them, the promoter will be publicly named and they will need to inform their clients of this monitoring action.
The first Conduct Notice has already been issued, as part of HMRC’s ambitious intent to address “tax avoidance.”
A link to the news story is provided:
The timing is also noteworthy, as it precedes final drafting of the Diverted Profits Tax proposal which will soon be followed by elections.
Advisors, as well as MNE’s, should monitor this trend of “name and shame,” as it is generally considered too late for damage control after one’s name and reputation are subject to public perception in this new age of addressing “tax avoidance.”