HM Revenue & Customs is giving a settlement opportunity to those who invested in certain tax avoidance schemes, many of which are registered in Jersey, with the aim of contacting eligible investors by the end of January 2013.
The global QROPS industry breathed a collective sigh of relief this morning as HM Treasury released a Draft Finance Bill that contained only a relatively minor increase in reporting requirements for administrators of overseas pension schemes.
Tax evasion and aggressive tax avoidance were once again targets of the UK Chancellor George Osborne when he gave his Autumn Statement this afternoon.
As 2012 comes to a close, Montfort International managing director Geraint Davies voices his concern that there could be trouble ahead for the overseas pension scheme sector…
HM Revenue & Customs is sending letters directly to 1,500 people who it believes have signed up to one particular avoidance scheme.
HM Revenue & Customs is currently investigating 41,000 cases of tax avoidance in the UK with an estimated £10.2bn at stake, according to a detailed report conducted by the National Audit Office, which said “there is little evidence HMRC is making progress in preventing the sale of highly contrived tax avoidance schemes”.
It is time HM Revenue & Customs accept that a general amnesty for tax evaders should be put in place, according to Gary Heynes, private client group partner at chartered accountants, Baker Tilly.
HM Revenue & Customs is warning UK residents with Swiss bank accounts that the “days of hiding money to evade tax are over” as the imposition of new tax laws on 1 January draws ever closer.
HMRC clawed back a record £21bn from its investigations into tax avoiders and evaders in the year to March, according to accountant UHY Hacker Young.
HM Revenue & Custom’s increasingly aggressive approach to tax avoidance has led to a 64% rise in the revenue it generated from investigations into self assessment tax returns in the 2011-2012 tax year.
The House of Commons’ public accounts committee in the UK is considering an inquiry into international tax avoidance, according to a report in the Financial Times.
A UK-based financial adviser has been jailed for five years for helping a client commit a VAT fraud, the proceeds of which he then used to gamble in London casinos.
