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.
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.
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.
Employee incentive arrangements where workers are paid using gold bullion are “abnormal” and not a “reasonable course of action”, according to an independent panel set up to advise the UK government on disputes over potentially abusive tax arrangements.
HM Revenue & Customs’ list of recognised overseas pension schemes (Rops) has grown by 10% on the back of more schemes from Australia and the Isle of Man being added. This rise, however, follows official figures showing that the number of Qrops transfers hit its lowest level for six years last year.
