Employee incentive arrangements where workers are paid using gold bullion are “abnormal” and not a “reasonable course of action”, according to an independent panel set up to advise the UK government on disputes over potentially abusive tax arrangements.
HM Revenue and Customs has almost doubled its requests to governments elsewhere in the world for help in suspected tax evasion cases over a five-year period, according to figures obtained by law firm Pinsent Masons.
Details of the VAT system to be introduced for the first time in the UAE reveal that the standard rate of 5% will be levied on fee-based financial advice but not on the sale of life products.
HM Revenue & Customs boosted revenue from its counter-avoidance directorate by 80% last year, according to figures compiled by law firm Pinsent Masons.
The number of people bringing cases against national tax authorities to the European Court of Justice (ECJ) could see a dramatic increase in the wake of the Brexit vote, says international law firm Pinsent Masons.
The number of serious tax evasion cases in the UK jumped by 8% in 2015/16, with another nearly 3,000 suspected instances referred to HM Revenue & Customs for specialist investigation, according to Pinsent Masons.
UK prime minister David Cameron set out a raft of new initiatives at today’s anti-corruption summit to tackle corruption which he described as the “cancer at the heart of so many of the world’s problems”.
In further industry reaction, a number of key players in financial services have reacted positively to the FAMR report’s positioning in favour of a fee-based only RDR regime, with no re-introduction of commission as remuneration for financial advisers.
The Serious Fraud Office is to cut its budget by 35% over the next financial year, despite a rise in the number of new investigations opened during 2014-15.
A sharp fall in the average length of custodial sentences given to criminal tax evaders is a clear signal that HM Revenue & Customs is increasingly targeting smaller cases, according to research by Pinsent Masons.
People with non-domiciled tax status living in the UK who wish to preserve the anonymity of their offshore finances must notify HMRC by 30 May, warns international law firm Pinsent Masons.
The tax affairs of individuals with rapidly rising wealth are to come under more intense scrutiny by HM Revenue & Customs.
