The UK is expected to adopt an all or nothing approach on upcoming changes to the 5% tax free withdrawal from offshore bonds, Canada Life International’s technical manager Neil Jones has revealed.
HM Revenue & Customs is investigating 6,500 high net worth individuals (HNWs) with a total case value of £1.9bn (€2.1bn, $2.3bn), according to a report by the UK’s National Audit Office released on Tuesday.
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).
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.
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.
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.
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.
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.
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.
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.
New UK VAT rules are set to hit Gibraltar and Channel Islands based insurers when they are introduced on 1 October.
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.
