HMRC has published guidance about a settlement opportunity for participants in certain tax avoidance schemes involving sideways loss relief
Separate guidance has been published for individuals, companies and sole traders as follows:
- partnerships who have taken part in UK GAAP Partnership Schemes involving sideways loss relief;
- companies who have taken part in UK GAAP Corporate Schemes involving sideways loss relief; and
- individuals who have taken part in sole trader schemes involving sideways loss relief.
For taxpayers who receive a letter in connection with the settlement opportunity the guidance sets out the broad terms under which HMRC is proposing to allow settlement.
The guidance for companies can be found here.
The guidance for sole traders is available here.