The UK tax office will visit all English Premier League, Championship and Scottish Premier League clubs in the next three years to review payments made to players amid a string of high-profile tax avoidance cases.
The UK tax office has taken action against 14 users of tax avoidance schemes who failed to pay controversial accelerated payment notices (APNs) since their introduction in 2014 as last week high-profile British fashion designer Karen Millen was declared bankrupt over her £6m ($7.5m, €7m) unpaid bill.
The Canada Revenue Agency (CRA) has issued a warning to residents using tax protester schemes to argue that they don’t need to pay tax after it executed three search warrants with the Royal Canadian Mounted Police.
The UK tax office is still losing £11.4bn (€13.1bn, $14.1bn) of revenue every year to evasion despite introducing a host of measures aimed at tackling tax avoidance, according to research by consulting firm RSM.
HM Revenue & Customs’ seven-year pursuit of Rangers Football Club for aiding and abetting tax avoidance ended on Thursday after two days at the UK supreme court, with a judgment expected within three to six months.
Chancellor Philip Hammond took to the despatch box for the Spring Budget on Wednesday, delivering a hammer blow to qualifying recognised overseas pensions schemes (Qrops).
The UK tax office has announced plans to close a loophole which had emerged enabling some individuals to circumvent the current Promoters of Tax Avoidance Schemes (POTAS) legislation.
The Canada Revenue Agency (CRA) has denied it is offering an amnesty to citizens using offshore company structures to avoid paying tax, adding that it is investigating a number of schemes it has uncovered on the Isle of Man.
Financial advisers in the UK could be required to notify HMRC of all clients using offshore tax planning structures, according to George Bull, a senior tax partner at tax and consulting firm RSM, adding that the measure could be rolled out in the UK’s last ever Spring Budget on Wednesday.
Canadian prime minister Justin Trudeau has vowed to do a “better job” tackling tax evasion and tax avoidance following a high-profile exposé into how wealthy individuals used an Isle of Man-linked offshore scheme to avoid paying C$130m (£79m, $97m, €91m) in taxes.
HM Revenue & Customs (HMRC) has rejected criticism over how it has handled the exploitation of tax breaks for the film industry, which Treasury chairman Andrew Tyrie claims has been “financially calamitous” for some investors.
HM Revenue & Customs has warned of a new disguised remuneration tax avoidance scheme that uses payment via annuities as a means to avoid income tax and national insurance contributions (NICs).
