On 19 February 2016, the UK HMRC published updated guidance on the rules for disclosure of tax avoidance schemes for value added tax (VAT), direct taxes and National Insurance contributions, and related penalties. Under UK law, failure to provide notification of involvement in tax avoidance schemes to HMRC may result in penalties. VAT VAT avoidance schemes to be disclosed include listed schemes and hallmarked schemes (schemes that include or are associated with a ‘hallmark’ of avoidance). VAT schemes must be disclosed in the following cases: Listed schemes must be disclosed by taxpayers registered for VAT in the UK, or are...