Isle of Man chief minister Allan Bell has predicted that George Osborne will struggle to raise the additional £5bn a year from clamping down further on tax avoidance and evasion, identified as a new target in the UK Government’s Autumn Statement.
A new penalty of 60% on tax due will be levied against tax avoiders in all cases successfully tackled by the General Anti Abuse Rules (GAAR), Osborne announced in his joint Autumn Statement and Spending Review on Wednesday.
A sharper focus on offshore banking activity and tax avoidance has seen HM Revenue & Customs grow its Affluent Unit by more than 50% in the past two years.
Abolishing the UK’s deed of variation legislation as a means of tackling tax avoidance could risk causing distress to bereaved families, warned the Association of Taxation Technicians.
Former chair of the UK public accounts committee Margaret Hodge, who has repeatedly attacked the use of offshore tax avoidance schemes, has called for an overhaul of the British tax system.
International soccer star Lionel Messi will have to face trial for alleged tax fraud in Spain after a court in Barcelona turned down an appeal by his lawyers, the El Pais newspaper reported.
A financial adviser and a group of film producers who set up an international scheme are facing a trial for fraud.
A tax avoidance scheme which exploited the UK’s double-taxation agreement with the Isle of Man has been defeated by HM Revenue & Customs.
HM Revenue & Customs has “little incentive” to complete tax investigations after last year’s introduction of accelerated payment notices, a London-based law firm has warned.
HM Revenue & Customs (HMRC) has collected £1bn in tax payments from users of tax avoidance schemes as a result of the UK Government’s accelerated payment rules to collect disputed tax upfront.
UK-based financial services provider LDF is offering a loan facility to suspected tax avoiders to help them meet payment deadlines arising from accelerated payment notices.
The UK government is targeting more individuals in the £10m to £20m wealth bracket for tax non-compliance investigation, according to accountancy firm Crowe Clark Whitehill.
