A UK court has ruled that a £75,000 ($92,106, €87,429) loan taken out by a client to fund investments as part of a pension transfer was a form of pension liberation and should be subject to tax.
HM Revenue & Customs (HMRC) has said it will continue to use accelerated payment notices (APNs) to combat tax avoidance schemes, despite concerns that the penalties are “morally questionable”.
Looking back on 2016, one of the biggest stories of the year was the HM Revenue & Customs proposals to overhaul part surrender and part assignment of life insurance policies in response to the 2007 case of Dutch national Joost Lobler.
Each year HM Revenue & Customs (HMRC) receives a number of unusual excuses from people who failed to file their self assessment tax return before 31 January.
HM Revenue & Customs (HMRC) has spent more than £460,000 ($570,000, €547,000) for confidential information from the public and the business community to help it combat tax avoidance, according to London-based law firm RPC.
All French and Italian schemes have been removed from the HM Revenue & Customs (HMRC) list of recognised overseas pension schemes (Rops) said to meet the conditions for accepting UK retirement pots.
HM Revenue & Customs has withdrawn 4,300 accelerated payment notices (APNs), meaning that one in 14 of the 60,000 upfront tax payment requests has been sent in error, says accountancy firm Moore Stephens.
Millions of pounds in tax relief given to celebrities such as England footballer Wayne Rooney and British comedian Jimmy Carr is being clawed back by HM Revenue and Customs (HMRC).
The European Commission is set to unveil a new law next year aimed at fighting tax evasion following media reports accusing football stars of using tax havens to hide millions of euros in earnings.
Around 180 football stars are using ‘companies as pension pots’ to save tax on their earnings after their clubs struck a deal with HM Revenue and Customs (HMRC).
HMRC is currently investigating 43 football players and 12 clubs over their use of offshore companies to avoid paying tax on money earned through image rights in the UK, with a senior official revealing the tax office has clawed back £158m ($199m, €186m) in the last two years.
HMRC is to go ahead and issue hefty fines to financial advisers found guilty of helping their clients avoid tax, as it sets out clear guidelines on who exactly will be affected by the move.
