HMRC data shows £7.6bn withdrawn since UK pension reforms
Nearly £7.6bn ($9.2bn, €8.5bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by HM Revenue & Customs (HMRC).
HMRC
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HMRC narrows UK tax gap to record low
The gap between between the amount of tax HM Revenue & Customs expected to collect in the last financial year and what it actually raised has fallen to its lowest ever level, and is now one of the smallest in the world.
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Top tax advisers react to HMRC tax avoidance clampdown plans
Two leading tax advisers have reacted to HM Revenue & Customs’ discussion document ‘Strengthening Tax Avoidance Sanctions and Deterrents’ following the closure of its consultation phase on 12 October.
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Rooney faces £3.5m bill for ‘tax avoidance’ scheme
UK England football captain Wayne Rooney is facing a £3.5m ($4.3m, €3.8m) charge after HM Revenue & Customs challenged a suspected avoidance scheme in which he was a key investor.
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HMRC data sharing deal with Crown dependencies goes live
A new data sharing agreement has officially come into force with the HM Revenue and Customs (HMRC) expected to be handed the details of hundreds of thousands of offshore accounts on Friday as part of a move for wider transparency from the Isle of Man, Jersey, Guernsey and the Cayman Islands.
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HMRC wins latest battle against adviser’s £916m tax-dodging scams
The UK tax office has won its tenth legal case against a serial tax avoidance promoter, NT Advisors, after it was found guilty of circulating payments for no other reason other than to generate tax deductions.
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Bahamas files leak exposes former EU official’s links to offshore firms
A new cache of 1.3 million documents from the Bahamas has exposed the use of offshore shell companies by the former EU competition commissioner Neelie Kroes and UK politician Amber Rudd.
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HMRC rakes in £126m from lifetime allowance penalties
HM Revenue & Customs has reported a significant rise in the number of British savers breaching the lifetime pension allowance (LTA) over the past year, collecting £126m ($163m, €146m) in additional tax revenue between 2015/16, up 38% from £78m the previous year.
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HMRC sets date for UK VAT charge on international insurers
New UK VAT rules are set to hit Gibraltar and Channel Islands based insurers when they are introduced on 1 October.
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HMRC plans tougher penalties for offshore tax evaders
The UK tax office has announced plans to increase the penalties on anyone who has not paid outstanding taxes from offshore investments ahead of the start of a new data sharing agreement with the crown dependencies and territories in October.
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Advisers face hefty fines in HMRC tax avoidance crackdown
Tax advisers and accountants in the UK who help clients avoid paying tax could face fines of 100% of the tax avoided, according to new proposals being considered by HM Revenue and Customs (HMRC).
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Harry Potter star loses £1m legal battle against HMRC
British actor Rupert Grint has lost his battle against HM Revenue & Customs (HMRC) for a £1m (€1.17m, $1.3m) refund after a court threw out his appeal to protect his earnings from the top rate of tax.