Tax avoiders targeted in HMRC recruitment drive
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).
HMRC
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No safety net for life policy part surrenders
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.
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HMRC deadline pushed back for trusts tax planning register
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.
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UK non-dom taxpayers add £9.3bn to gov’t coffers
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.
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HMRC’s rules for IHT on downsizing property are ‘impenetrable’
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.
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HMRC wins bulk of tax avoidance challenges but loses IHT case
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.
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UK taxman tasks IFAs with warning offshore account holders
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.
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UK to limit right to transfer pensions but will include Qrops
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).
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Football clubs feeling the heat of HMRC scrutiny
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.
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Sharp rise in UK advice firms providing pension transfers
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.
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More dawn raids on tax evaders as HMRC ramps up action
Dawn raids on suspected tax evaders by UK authorities are up by a third to 669 over the five years to March, as HM Revenue & Customs steps up its pursuit of white-collar fraudsters, reports the Financial Times.
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Hurdles to overcome for ‘unwary’ Britons retiring in the sun
One in ten UK residents over the age of 50 want to retire overseas, with Spain topping the list of the most popular destinations, but they must do their “homework” first.