Balancing the tax system

May 2004

The announcement of a registration process for both direct and indirect tax planning in the 2004 Budget adds a significiant extra dimension to the way tax professionals and their clients work. What all of us have wanted to know since the Chancellor's announcement is exactly what we must disclose, and when - and to have a set of practical rules that explain to taxpayers their legal obligations so that they can make appropriate decisions.

In this article written in May 2004, Richard Collier-Keywood, head of tax at PricewaterhouseCoopers, considers the new disclosure rules and explains the main issues involved.

Key issues discussed:

• Who is a promoter, and thus liable to register?
  
• What actually needs to be registered?
  
• What form should disclosure take?
  
• When it has to be disclosed - is five days a practical limit?