Controversial proposals to allow HM Revenue & Customs to retrospectively charge contentious tax up front could trigger a “wave of insolvencies” and indirectly affect shareholders, warns a leading accountancy firm.
Proposals by HM Revenue & Customs to charge contentious tax payments up front have been called “unconstitutional” by a senior figure at an international law firm.
Skandia has said that while HM Revenue & Customs prevented a mass headache by leaving existing trusts out of its proposed reforms to the calculation of inheritance tax, it will create thousands of new demands for financial advice.
A leading tax specialist has described recent proposals by HM Revenue & Customs to crack down on inheritance tax avoidance as the latest in a series of assaults which may lead to the ultimate demise of trusts.
The City of London Law Society has called for an independent body to be set up with the power to veto tax legislation as a way to avoid ‘huge damage’ to the UK tax regime’s reputation for stability.
HM Revenue & Customs has proposed a limit to the amount an individual can transfer into a series of trusts tax free, in its latest attempt to crack down on the use of multiple trusts to avoid inheritance tax (IHT).
One fifth of UK accountants and tax advisers have not told all their clients about the terms of the Liechtenstein Disclosure Facility, a survey has revealed.
HM Revenue & Customs has sent out another letter to UK holders of Swiss bank accounts warning that they must settle their liabilities, and giving them the option of using the Liechtenstein Disclosure Facility.
HM Revenue & Customs pulled in nearly £24bn of extra tax revenue last year following its controversial campaign to close in on tax avoidance.
HM Revenue & Customs has been accused of “railroading” taxpayers into making payments, in yet another scathing assessment of its approach to tax avoidance.
HM Revenue & Customs has scored its fifth victory against an advisory firm after defeating another of its schemes at a tax tribunal.
Gary Barlow and fellow Take That stars, Howard Donald and Mark Owen, along with around 1,000 other wealthy investors, are facing hefty tax bills after a tribunal ruled on Friday they were invested in illegal tax avoidance schemes.
