UK taxman shutting down online Rops service
HM Revenue & Customs (HMRC) will close its online service for managing recognised overseas pension schemes (Rops) on 5 April 2017, as it is no longer collecting the information the taxman needs.
HMRC
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The next phase for part surrenders of offshore life bonds
The use of partial surrenders of offshore bonds can still make for a good tax-planning strategy, says Utmost’s Simon Martin, ahead of a restitution process set to be introduced by HM Revenue and Customs (HMRC) later this year.
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HMRC fines for ‘careless’ errors up 70% but half are dismissed
HM Revenue & Customs (HMRC) penalties against taxpayers who have made ‘careless’ errors on their tax returns have soared by nearly 70% although half of these are dismissed on appeal, according to latest figures obtained by international tax advisory firm RSM.
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HMRC tax revenues from ‘enveloped’ properties up 53%
The UK tax office raised £178m ($223m, €208m) in financial year 2015/16 through taxing British homes owned by companies, data from London and Geneva-based law firm Collyer Bristow suggests.
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HMRC under fire for £1bn fall in wealthy tax take
HM Revenue & Customs has come under attack for not explaining a near £1bn (€1.17bn, $1.25bn) drop in income tax receipts from high net worth individuals in a scathing new report by a UK parliament select committee.
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HMRC loss in IHT case unlikely to change pension transfer rule
A court ruling against HM Revenue & Customs on a case about inheritance tax (IHT) is unlikely to change the current two-year exemption rule on pension transfers, said Rachael Griffin, financial planning expert at Old Mutual Wealth.
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UK tax ‘error’ penalties up almost 40% in HMRC clampdown
HM Revenue & Customs penalties against taxpayers who have deliberately understated their income are up nearly 40%, according to new figures obtained by international tax advisory firm RSM.
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UK pension freedoms trigger £9.2bn in outflows
The UK’s radical pension freedom reforms have led to over £9.2bn (€10.7bn, $11.5bn) getting encashed from pension plans since April 2015, HM Revenue & Customs revealed on Wednesday.
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Beneficial ownership data requests may breach UK legal rights
Requests from HM Revenue & Customs (HMRC) for beneficial ownership information on offshore companies and trusts may conflict with legal professional privilege (LPP), says the Law Society of England and Wales.
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HMRC sees 80% leap in anti-avoidance tax take
HM Revenue & Customs boosted revenue from its counter-avoidance directorate by 80% last year, according to figures compiled by law firm Pinsent Masons.
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HMRC under fire for ‘unrealistic’ plans to shut 170 offices
HM Revenue and Customs (HMRC) could be forced to abandon plans to shut 170 local branches after the UK government’s spending watchdog accused the tax office of being “unrealistic” over its restructure plans.
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Top HMRC criminal cases of 2016
HM Revenue & Customs (HMRC) has revealed its 10 most significant fraud and organised crime cases of 2016. In the ongoing fight against tax evasion, HMRC prosecuted a range of tax fraudsters leading to 679 individuals being convicted for their part in tax crimes, with sentences for 2016 totalling more than 730 years.