News: August 2011
This is not just a pleasant country town in Hampshire — it also stands for Litigation and Settlements Strategy and has just been re-launched by HMRC.
There are mixed messages in this strategy. For example it tries to assure us all that where there is a dispute about the amount of tax due but HMRC accepts they have a weak case, they will concede the matter. On the other hand they say that where they reckon they have a strong case they will push for payment of all of the tax rather than compromise.
LISS is a worthwhile part of the procedures within a tax dispute which we sometimes face with HMRC, and our role will always be to (a) be ready to get HMRC to apply it where it is to your advantage, and (b) resist it if HMRC tries to use it to their advantage in an unfair manner.
This article is not advice – instead these are pointers designed to help you navigate your, way through your tax affairs. You should not take any action – or refrain from any action – as a, consequence of anything we discuss above. Special advice is required if considering taking a dividend.