UK Qrops scheme closures rock the IFA industry in 2015
The decision by HM Revenue & Customs (HMRC) to drop thousands of Qrops from its list of recognised overseas pension schemes was one of the biggest stories of 2015.
HMRC
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IFA and accountant jailed in UK for film tax fraud
An accountant and an independent financial adviser have been jailed in the UK following their conviction for attempting to steal millions in a tax fraud linked to the film industry.
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HMRC targeting HSBC Jersey clients for voluntary disclosure
HM Revenue & Customs said it has sent letters to customers of HSBC Jersey advising them to sign a declaration that they do not owe any UK tax on their offshore assets, placing some customers between the proverbial rock and the hard place.
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IFA and tax promoter guilty of film tax fraud
An IFA and an accountant have been convicted of attempting to steal millions in a tax fraud linked to the film industry.
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Call to sort out IHT ‘mess of complexity and uncertainty’
The influential chairman of the UK’s Treasury Select Committee has called for a more simple approach to the planned rise in the inheritance tax threshold for the estates of those who die on or after 6 April 2017.
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Top UK cricketers caught up in film scheme losses
Several former England cricket captains have been caught up investing in disputed film schemes that have also seen many high-profile footballers lose millions.
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UK tax evaders given one last chance to come clean
The financial secretary to the Treasury, David Gauke, launched a campaign warning offshore tax evaders that HM Revenue & Customs (HMRC) will start to receive details on UK taxpayers from more than 90 countries.
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Isle of Man chief calls Osborne’s tax clampdown ‘unrealistic’
Isle of Man chief minister Allan Bell has predicted that George Osborne will struggle to raise the additional £5bn a year from clamping down further on tax avoidance and evasion, identified as a new target in the UK Government’s Autumn Statement.
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HMRC U-turns on loans secured on untaxed foreign funds
HM Revenue & Customs quietly backtracked several weeks ago on changes it made to loans secured against untaxed foreign funds.
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Changes to capital gains tax for non-UK residents
Non-UK residents disposing of UK residential properties will no longer face potential double charges that occur in some circumstances, Osborne announced in his joint Autumn Statement and Spending Review on Wednesday.
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Osborne targets tax avoiders with 60% penalty
A new penalty of 60% on tax due will be levied against tax avoiders in all cases successfully tackled by the General Anti Abuse Rules (GAAR), Osborne announced in his joint Autumn Statement and Spending Review on Wednesday.
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Funding boost for HMRC’s digital transformation
HM Revenue & Customs (HMRC) is to receive more than a billion in additional funding to digitalise the UK’s tax system and introduce personalised digital accounts, removing the need for annual tax returns, chancellor George Osborne announced Wednesday.