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.
HMRC
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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.
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City lawyer urges proactivity as LDF cut-off looms
Roughly 40% of those enjoying the tax amnesty available through the Liechtenstein Disclosure Facility (LDF) only did so following unrelated HMRC enquiries.
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HMRC grows Affluent Unit in tax avoidance crackdown
A sharper focus on offshore banking activity and tax avoidance has seen HM Revenue & Customs grow its Affluent Unit by more than 50% in the past two years.
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HMRC operation overhaul questioned by experts
HM Revenue & Customs’ plans to modernise its operation, consolidating 170 offices into 13 regional centres has seen tax experts question its motives.
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Old Mutual warns of UK pension transfer IHT trap
Savers suffering from ill health could see their pension pots subject to inheritance tax if they transfer to a scheme that gives them greater access to the UK’s pension flexibilities, Old Mutual Wealth has warned.
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MPs attack HMRC for ‘failures’ over tax avoidance reports
HM Revenue & Customs is still failing to report how much cash it has received from its efforts to address aggressive tax avoidance, a group of MPs has said.
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Firm warns against HMRC bankrupting taxpayers over APN disputes
HMRC should not pursue insolvency proceedings to demand that tax allegedly owed from years ago be paid in full until the underlying dispute has been resolved, warned law firm RPC.
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Liechtenstein and EU sign tax transparency agreement
Liechtenstein and the EU Commission have signed an agreement on the automatic exchange of information (AEOI), which will ensure greater transparency and cooperation between tax authorities.
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UK tax gap stable at £34bn
The UK’s ‘tax gap’ has remained around the £34bn mark over the previous year, according to the latest figures from HM Revenue & Customs.