OFSI issues new General Licence authorising tax payments

01 Jul 2024, 30 mins ago

Today, OFSI issued General Licence INT/2024/4881897 authorising payments to be made to the UK Revenue Authorities by a UK Designated Person (DP), or on behalf of a DP (Notice here). Revenue Authorities means HMRC, the Welsh Revenue Authority and Revenue Scotland.

Authorised payments include any payments owed by or due from UK DPs to the Revenue Authorities, either at the point of, or after their designation, including tax, duty, national insurance contributions, penalties or interest.

When a third party (either an individual or an entity) makes a payment on behalf of a DP, it is allowed for the DP to repay that person the same amount as that payment and for the third party to receive that amount from a UK DP.

This General Licence does not permit payment by any person who is under UN sanctions.

The licence takes affect from today and has no expiration date; however, OFSI may vary, revoke or suspend this licence at any time.

Gherson has significant experience on advising on regulatory compliance, including licencing. Our lawyers are happy to provide you with advice on UK and international sanctions law, including UN sanctions law. Please do not hesitate to contact us for advice, or send us an e-mail. Don’t forget to follow us on XFacebookInstagram, or LinkedIn to stay-up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

©Gherson 2024