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.
The number of British citizens transferring their UK pensions into recognised overseas pension schemes (Rops) has dropped by more than a third since the pension freedoms were introduced in April 2015, according to HM Revenue & Customs (HMRC).
The UK is to require overseas pensions to be regulated in the country where they are established in order to be ‘recognised’ by HM Revenue & Customs (HMRC), as it pushes ahead with plans to scrap the 70% ‘income for life’ rule.
British MPs have criticised HM Revenue & Customs (HMRC) over its lack of scrutiny on whether tax reliefs are being used effectively, raising doubts about plans to digitise its services.
The UK’s plan to abolish the 70% ‘income for life’ rule on recognised overseas pension schemes (Rops) will “decimate” the market for such products, according to the head of expat-focused IFA firm, Montfort International.
HM Revenue & Customs has confirmed that it will allow policyholders to correct ‘unfair’ tax bills resulting from ‘mistaken’ withdrawals of life policies, opting to keep the current 5% tax free allowance on offshore bonds.
HM Revenue & Customs (HMRC) has told tax advisers that it will issue payment demands to investors in the Eclipse Film Partnership schemes at levels potentially 10 times higher than their original investment.
Almost a quarter of over-50s in the UK plan to cash in their pension even after withdrawing their 25% tax-free lump sum, accord to a survey by Retirement Advantage.
Dominic Chappell, the former owner of the collapsed UK department store BHS, has been arrested as part of an investigation by HM Revenue & Customs into the tax affairs of his company Swiss Rock.
