HMRC’s most senior tax professional is to retire, while Deloitte has poached a senior commissioner from the US Internal Revenue Service, and Standard Chartered Private Bank has hired two veteran private bankers in Asia.
The UK Government’s latest finance bill includes new penalties targeting advisers who ‘enable’ the use of tax avoidance schemes.
HM Revenue & Customs’ spending on staff to target tax avoiders rose 7% over the past 12 months, increasing headcount at its Counter-Avoidance Directorate (CAD).
HM Revenue & Customs will be able to review “disproportionate” tax bills slapped on people who withdraw money from their life policies but “it is crucial that this isn’t seen as a safety net”, warns Old Mutual Wealth tax and financial planning expert Rachael Griffin.
HM Revenue & Customs has given a two-month extension to an October deadline for trusts to be registered, following complaints that the original date did not give enough time to complete registration.
Non-domiciled taxpayers in the UK contributed £9.3bn ($12bn, €10bn) in tax receipts in fiscal year 2014/15, data released by HM Revenue & Customs shows.
New HMRC guidelines on how people can downsize their home but retain the value of their previous residence for inheritance tax reduction purposes have been branded ‘impenetrable’ by accountancy body the ICAEW.
HM Revenue & Customs claims that of the 26 litigation decisions in 2016/17 where tax avoidance was involved, 22 of them (86%) went in its favour.
HM Revenue & Customs (HMRC) is warning taxpayers that failing to disclose their offshore accounts could lead to “life-changing consequences” in a letter being sent to millions of individuals via their financial institutions and advisers.
As part of its crackdown on pension scams, HM Treasury has confirmed that it will limit the statutory right to transfer but will extend the proposed criteria to include qualifying recognised overseas pension schemes (Qrops).
Following raids by HM Revenue & Customs on Newcastle United and West Ham and with over 40 players and 12 teams under review, football clubs in the UK are taking a more proactive approach to tax.
There has been a 17% increase in the number of UK financial advice firms with regulatory permission to conduct defined benefit (DB) pension transfers over the past financial year, as demand from clients continues to rise.
