HMRC data shows £4.4bn withdrawn since UK pension reforms
Nearly £4.4bn ($6.4bn, €5.7bn) 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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FCA probes a further 44 firms over Panama Papers
The UK’s Financial Conduct Authority (FCA) has asked a further 44 financial services firms to disclose their involvement in the tax-evasive practices uncovered by the Panama Papers leak.
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Life offices say offshore bonds to benefit from HMRC reforms
Plans to overhaul the current 5% tax free allowance on life insurance policies are “very good news” for offshore bonds, said Neil Jones, technical manager at Canada Life.
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Elian unveils a Jersey Qrops for non-islanders
Global trust and corporate services group Elian has become the second company to launch a Jersey Qrops plan for non-island residents.
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HMRC to overhaul 5% tax free allowance on life bonds
The UK tax office plans to overhaul rules governing the part surrender and part assignment of life insurance policies to redress the unfair tax bills which some individuals face if they withdraw money from an investment bond in the wrong way.
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HMRC claims billion pound week with win against Jersey firm
The UK tax office has won a judgement against a limited partnership registered in Jersey, the Clavis Liberty Fund 1 LP scheme, which it claimed had tried to create artificial tax losses.
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Prudential a step closer to £100m HMRC tax refund
UK insurer Prudential has moved closer to securing a tax refund worth more than £100m ($143.4m, €126.5m) from HM Revenue and Customs (HMRC) in a long-running dispute over claims the tax office broke EU rules.
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UK tax office details new “evasion facilitation” offence
The British government has published details of its proposed new law making senior management of a financial services firm criminally liable if any member of staff facilitates tax evasion, and has called on the industry to provide feedback.
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HMRC not doing enough to tackle tax fraud
HM Revenue & Customs has been accused of not doing enough to tackle tax fraud and making “only limited progress” in reducing the UK’s tax losses, according to the House of Commons’ Public Accounts Committee (PAC).
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Celebs face £635m tax bill as Supreme Court rejects appeal
Celebrity investors in a film scheme involving the distribution rights to two Disney films face a combined tax bill worth over £600m ($845m, €754m) after the Supreme Court rejected its final appeal against HM Revenue & Customs (HMRC) over £117m the scheme received in tax relief.
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HMRC set for Supreme Court fight over film scheme
A film scheme involving the distribution rights to two Disney films is taking HM Revenue & Customs to the UK Supreme Court to defend the £117m ($166m, €145.5m) it received in tax relief.
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HMRC bags record £4bn in IHT
HM Revenue and Customs (HMRC) has raised more than £4bn ($5.7bn, €5bn) in revenues from inheritance tax (IHT) for the first time in its history, according to the latest figures published by the UK tax office.