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The Accelerated Payment Notice (APN) is a piece of legislation that has been introduced to target taxpayers who have used legal tax avoidance schemes to shelter money.
In the 2013 Budget, the Government announced its intention to give HM Revenue & Customs (HMRC) the power to issue a notice to a taxpayer in order to settle a dispute. The 2013 Autumn Statement announced that accelerated (upfront) payments would apply to those taxpayers who did not settle in response to the notice, and, in addition, the government announced that there would be further consultation in relation to how the accelerated payments measure could be applied more widely to taxpayers who have used tax avoidance schemes.
The accelerated payment provisions give HMRC the power to demand upfront payment of any disputed tax associated with avoidance schemes by issuing an APN. Previously, HMRC had to win a tribunal case before it could demand disputed tax.
The provisions currently apply to:
- income tax
- capital gains tax
- corporation tax
- inheritance tax
- stamp duty land tax (SDLT)
- annual tax on enveloped dwellings (ATED)
If you have been served with an APN payment notice and are concerned that you may not have the money that is being demanded, fear you may have to declare yourself bankrupt, re-structure your businesses or go insolvent, speak to our highly-skilled team.
Milsted Langdon has the expertise to help you with their expert knowledge on a range of tax subjects and can offer you genuine solutions.
To find out more, please contact us.