The new reporting requirements set down in the draft QROPS regulations issued last month by HM Revenue & Customs will not apply to schemes that lost their QROPS status before the regulations become law, at least as currently proposed, pension industry sources report.
Now that the UK has its first-ever statutory definition of UK residency for tax purposes, the tax authorities have come up with a tool to help people determine their status.
The draft QROPS regulations issued last Friday by HM Revenue & Customs are being seen by pension fund administrators as providing much-needed clarification of the legislation governing such pension schemes, which the Revenue significantly altered last year.
HM Revenue & Customs has published draft QROPS regulations which, among other things, will introduce a formalised penalties regime for former non-compliant QROPS.
HM Revenue & Customs has won a court case against pressure group UK Uncut over claims that a backroom deal it struck with Goldman Sachs, in which it agreed to let the bank off a £20m interest payment, was unlawful.
Around 200 UK-based advisers, accountants and lawyers are to be scrutinised by HM Revenue & Customs for their involvement with “complex offshore structures” to conceal assets for wealthy individuals and companies.
Advisers are facing the threat of legal action from out-of-pocket clients who have been caught by HM Revenue & Custom’s crackdown on tax avoidance schemes.
Those evading tax by hiding money in the Isle of Man, Jersey or Guernsey are being warned by HM Revenue & Customs to “come clean” before it clamps down on them.
The UK Parliament today published the Finance Bill 2013 containing a raft of measures aimed at tackling tax avoidance including the country’s first General Anti-Abuse Rule, as well as some expected minor amendments to the reporting requirements for QROPS.
A new unit has been established by HM Revenue & Customs to scrutinise the financial affairs of individuals and companies who have evaded tax for up to five years.
A senior group of MPs has raised serious concerns about the appointment of former border agency head Lin Homer to lead HM Revenue & Customs in January last year.
HM Revenue & Customs has won a court case against a tax avoidance scheme sold by Jersey-based Dominion Financial Services Group.
