UK offshore tax evaders face 200% penalties
Offshore tax evaders face “much higher” penalties for non-compliance under new Right To Correct (RTC) rules revealed by HM Revenue & Customs.
HMRC
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HMRC extends trust filing deadline
The deadline to register new trusts on HM Revenue & Customs’ Trust Registration Service (TRS) has been extended by three months to 5 January 2018.
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Six jailed for 45 years for eco investment scam
Six members of a crime group have been jailed for a total of 45 years for devising a fake eco-investment scheme as a tax break for wealthy investors, often using the law firm at the heart of the Panama Papers.
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Undeclared offshore interests face 200% penalties
The UK tax office is planning to introduce hefty new penalties of up to 200% on taxpayers with undeclared offshore investments, prompting calls from the Association of Taxation Technicians for people to get their affairs sorted sooner rather than later.
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Tax evasion/avoidance make up a fifth of the £34bn UK tax gap
The UK lost out on a fifth of the tax revenue it expected to raise in 2015/16 because of evasion and avoidance, figures released on Thursday by HM Revenue & Customs show.
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HMRC sets out ‘opaque’ abusive tax scheme penalties
Advisers who enable abusive tax avoidance schemes face penalties that will take into account “relevant considerations”, draft guidance from HM Revenue & Customs revealed on Friday.
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New tax register ‘burdensome’ for beneficiaries
Beneficiaries who fail to comply with the UK’s new Beneficial Trust Register may face fines and prosecution, warns accounting, tax and advisory practice Blick Rothenberg.
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HMRC raids on Newcastle United FC ruled legal by High Court
Raids by tax investigators on Newcastle United Football Club premises and the home of its managing director as part of a fraud investigation were legal, the High Court has ruled.
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Tax avoidance plan promoter gets done for not telling HMRC
A tax avoidance scheme promoter has been found guilty of not telling HM Revenue & Customs (HMRC) about it.
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Not all trusts need to register clarifies HMRC
HMRC has issued new guidance for users of its online trust registration service and confirmed the circumstances in which offshore trusts do not need to register.
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UK to take £5bn hit as non-doms head for the exit
UK Government coffers could shrink by £5bn ($6.7bn, €5.7bn) if the rising numbers of non-doms thinking about leaving the UK permanently go through with it, accountancy firm Moore Stephens has found.
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Accelerated payment demands net £1.3bn for HMRC
The UK taxman raked in 21% more cash from accelerated payment notices (APNs) in 2016/17, netting HM Revenue & Customs £1.3bn ($1.76bn, €1.47bn) from individuals and small businesses.