Taxation Assignment Example | Topics and Well Written Essays - 750 words

Taxation - Assignment Example129). The anti-abuse dominate introduced by HMRC strikes down the tax avoidance schemes, regardless of whether they ar technically sound. It is possible to implement the right correctly if the avoidance scheme is abusive. HMRC could view the situation as a violation in eggshell the gain was non disclosed.One of the professional requirements of a member would be to ensure that he does not assist a client to arrange or commit an offence since it is unlawful (Chartered Institute of Taxation, 2011, p. 20). From an ethical viewpoint, the most appropriate thing to do would be to advise Henry to avoid such a consideration since it is not legal. It would be vital to give Henry appropriate advice since he continues to act for him as a client.After the expiry of an initial period of an official enquiry, the Tax Management Act (section 29) provided a mechanism that would assist in the judging of an individuals income tax. The mechanism also assists in the ass essment of capital gains in the following four years. Such assessments might take place regardless of whether they are in support or whether they are the consequences of an enquiry. The power to make the assessment is triggered when an HMRC officer makes a baring that complies with the rules specified in Section 29. In Henrys case, the discovery relates to the development of an insufficiency in an assessment. The self-assessment process provides HMRC with a straightforward system that assists in the mitigation of uncertainty. HMRC has the power to correct the glaring omissions, which is iodine of the ways through which the revenue can require additional tax liabilities. Conversely, the corrections can subvert excessive reliefs under section 29.If the tax agent fails to provide information requested by HMRC, the corpse will investigate the agency to determine the possibility of dishonest conduct. In the case of a calamity to supply information required, HMRC will charge the agen t with civil penalties. Subsequently,