Annual tax gap figures political football
HMRC’s annual publication of tax gap figures, while arguably “unique”, has been decried as “dangerous” and a “political football” by tax experts.
HMRC
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Countries unite in global tax evasion crackdown
More than 50 nations signed a new international standard for the automatic exchange of information today with the aim of reducing the global facilitation of tax evasion.
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HMRC to miss target unless LDF
The Liechtenstein Disclosure Facility (LDF) must see a “dramatic” influx in declarations or HM Revenue & Customs will fail to meet its £3bn target, says a leading tax specialist.
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Divorcees top list of tax evasion tip offs
The number of informants being paid by HMRC to provide information about tax evasion has reached a record high, with former spouses coming top of the list for tip-offs, according to City law firm, RPC.
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HMRC tax demands total 250m
HM Revenue & Customs has demanded £250m in disputed tax over its first two months of issuing the accelerated payment notices introduced in this years Finance Act.
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Italy to introduce unique tax
Italy is to introduce a remarkable voluntary disclosure programme with the aim of urging taxpayers to declare foreign undisclosed assets and funds.
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Avoidance investors must carefully consider
Investors facing fines from HM Revenue & Customs over their involvement in so-called avoidance schemes must carefully consider the motives of action groups that offer them help, warns a leading law firm.
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UK tax gap widens to £34bn
The tax gap has increased to £34bn in the past year according to the latest figure from HM Revenue and Customs, but Baker Tilly’s George Bull has said that HMRC are nonetheless “winning the battle” against tax avoidance.
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Another blow to QROPS
In the Taxation of Pensions Bill, debated in the House of Commons yesterday, and accompanying notes published by HMRC, a new requirement for QROPS to be tested against the lifetime allowance (LTA) more than just at crystallisation, has been inserted.
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HMRC evasion clampdown sees jump in criminal
The number of criminal prosecutions for tax evasion has grown by a third in the space of a year as HM Revenue and Customs (HMRC) clamps down on the UK’s £35bn tax gap, according to Thomson Reuters.
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HMRC redefines promoters of tax avoidance
Draft legislation which is being examined by HM Revenue and Customs (HMRC) will exclude two types of people from the definition of promoters of tax avoidance schemes.
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Thousands of tax bills miscalculated twice by HMRC
Tax bills for many thousands of people may have been miscalculated twice, according to a leaked staff email at HM Revenue & Customs.