HMRC ramps up investigations into quick rich earners
The tax affairs of individuals with rapidly rising wealth are to come under more intense scrutiny by HM Revenue & Customs.
Tax Avoidance
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Offshore evaders face ‘endgame’ under Common Reporting Standard
Tax evaders hiding assets offshore will face an “endgame” when the OECD’s Common Reporting Standard is introduced next year, Blevins Franks has said.
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Government lays out 3 1bn
UK chancellor George Osborne has announced plans to raise £3.1bn in revenues with a host of new anti-tax avoidance measures in his pre-election Budget speech to Parliament today.
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Avoidance promoters to face 1m fines over
HM Revenue & Customs has ramped up the rules around tax avoidance schemes with “high risk” promoters now facing fines up to £1m.
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Accountants lose court battle over
An accountancy firms appeal against a Financial Ombudsmen Service (FOS) decision which ruled it was liable for advising clients to invest into a now-blacklisted tax avoidance scheme has been dismissed by the UK courts.
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Jersey chief minister disappointed at Miliband
Jersey’s chief minister Ian Gorst has formally expressed his “disappointment” with statements from Labour Party leader Ed Miliband about tax transparency and disclosure efforts by UK overseas territories.
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Eclipse inside a failed tax
The Court of Appeal’s decision in the Eclipse 35 film partnership case upholds the decision of lower courts that the tax scheme does not work.
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Tax crackdown sees 60% surge in revenue
HMRC’s clampdown on tax avoidance and evasion saw the amount collected from mass affluent taxpayers soar by £137M according to a report from Pinsent Masons.
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Accelerated payment notices secure tax
Almost all of the £29m in disputed tax due from the first group to receive accelerated payment notices has been recovered by HMRC.
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Margaret Hodge attacks PwC on tax avoidance
MP Margaret Hodge has accused accounting firm PwC of “selling tax avoidance on an industrial scale”.
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Govt continues tax crackdown
George Osborne has used this year’s Autumn Statement to announce a further hardening of the UK Government’s stance against offshore tax evasion, with a particular focus on tax avoidance promoters, and, for the first time, inheritance tax (IHT).
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HMRC bank raid proposals diluted
HM Revenue & Customs has introduced safeguards to reduce the potential impact of its proposals to recover tax directly from debtors bank accounts.