Experts react to biggest ever QROPS changes
Pension experts have reacted favourably to HM Revenue & Customs draft legislation proposing full flexibility for QROPS, describing the news as the biggest change to the schemes since they came into play.
HMRC
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QROPS to receive full flexibility
HM Revenue & Customs last week issued draft legislation to allow QROPS schemes the same flexibility in drawing pension benefits as will apply to UK pensions from 6 April.
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Accelerated payment notices secure tax
Almost all of the £29m in disputed tax due from the first group to receive accelerated payment notices has been recovered by HMRC.
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Calls to tax evasion hotline up 24
The number of calls to HMRC’s tax evasion hotline has increased by almost a quarter over the past year, however, very few calls are exposing large scale tax evasion.
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Government announces IHT U-turn
The UK government has today announced a “U-turn” on plans to introduce a single settlement nil rate band on trusts.
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Backlog of tax disputes reaches record high
The surge in high value tax cases has pushed the backlog of tax disputes to a record high.
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HMRC bank raid proposals diluted
HM Revenue & Customs has introduced safeguards to reduce the potential impact of its proposals to recover tax directly from debtors bank accounts.
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HMRCs avoidance action unacceptably slow
HMRC’s action against tax avoiders is “unacceptably slow”, according to MP Margaret Hodge.
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HMRC recovers record 365bn in unpaid tax
HM Revenue & Customs has recovered a record amount of tax from big ticket avoidance, evasion, and fraud, up nearly a quarter on last year.
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Your cut out and keep guide to the
A cut-out-and-keep guide to the Liechtenstein Disclosure Facility, outlining 10 of its most important aspects.
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Pension inheritors escape 55 death tax
Pension assets being passed on after death will not be subject to the 55% “death tax” from 6 April next year, following further pension amendments from the UK government.
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High risk avoidance promoters face 1m fines
Promoters of tax avoidance schemes deemed “high-risk” by HM Revenue & Customs (HMRC) have been sent letters warning them they could be named publically, monitored, and fined up to £1m.