The United Kingdom Government have issued draft legislation relating to the Disclosure of Avoidance Schemes for VAT and other indirect taxes, The Indirect Taxes (Notifiable Arrangements) (Amendment) Regulations 2023.
They are inviting interested parties to submit their views on the draft regulations. The consultation closes at 11.45pm on 15 January 2023.
The regulations make amendments to the description of certain tax avoidance arrangements. Further details and how to respond can be found on the gov.uk website.
Under the terms of the Customs and Excise Agreement the Island is obliged to maintain its customs legislation and procedures so that they correspond to those in place in the United Kingdom, so any changes made to the Disclosure of Avoidance Schemes for VAT and other indirect taxes would be reflected in legislation on the Island.