HMRC to raise standard of conduct among tax advisers
The HMRC is set to raise standards among tax advisers after an independent review slammed the "reprehensible" behaviour of some professionals. ... - Continue reading
Category: United Kingdom
UK: Budget 2020 – Analysis
Main tax highlights of UK's Budget of 11 March 2020. ... - Continue reading
UK seeks to raise £500m from digital services tax
The United Kingdom unwilling to forsake revenue generated from the digital industry. ... - Continue reading
HMRC cracks down on hidden foreign income
HMRC has doubled down on its campaign against taxpayers with undeclared foreign income. ... - Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
Tax transparency essential to tackle $600bn avoidance bill
Businesses are being required to be more transparent for the sake of tax efficiency and reform. ... - Continue reading
UK tightens cross-border tax disclosure rules
Offshore tax laws just got tougher. ... - Continue reading
Councils losing £250m a year through business rates avoidance
According to a new research, there is a substantial loss of revenue that occurs annually due to tax avoidance. Who are the culprits? - Businesses.What are their weapon? - Loopholes in tax laws. ... - Continue reading
Home owners be aware (beware) of Capital Gains Tax – Part 2.
According to a new law, a Capital Gains Tax return and a payment of tax must be made within 30 days of the disposal following the disposal of a residential property. Here are more details about this new rule. ... - Continue reading
British Tax Havens to Share Data With Russian Authorities
The Automatic Exchange of Information still going on strong it seems. ... - Continue reading
Netflix accused of funnelling £330million profits ‘into tax havens’
According to TaxWatch, Netflix’s corporate structure is an enabler of tax avoidance. ... - Continue reading
Digital services tax and OECD digital taxation pillars
The organisation for economic co-operation and development is keeping its focus on the taxation of digital world. ... - Continue reading
Shell reveals it paid no UK corporate income tax in 2018
And one more case of tax avoidance by a giant. ... - Continue reading
HMRC raises £95m through taxpayer plea bargains
HMRC seems reluctant with taxpayer plea bargains due to availability of a large volume of taxpayers' data. ... - Continue reading
HMRC drops further £5m from Rangers tax claim
HMRC's claim against the company which owned Rangers has fallen again, according to the latest report from liquidators BDO. ... - Continue reading
44% Rise in Requests from Foreign Prosecutors to UK for Help Investigating Tax Crimes
OECD has recently announced new proposals to help countries tax corporate incomes more effectively. ... - Continue reading
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC under an overload of information. ... - Continue reading
How tax relief can work for your business
Over the years, the UK has continued to drive towards a more competitive Corporate Tax (CT) regime. ... - Continue reading
Tax evasion arrests down 11 per cent
The number of arrests made in the UK for suspected tax evasion has dropped to the lowest level in five years ... - Continue reading
U.K. broker pleads guilty to conspiring to evade FATCA
The broker also facilitated manipulative trading in a U.S. company, authorities said ... - Continue reading
Brexit: Claims about EU tax rules fact-checked
Should Brexiteers rejoice for tax-wise benefits following the disinvolvement of the EU? Let's see here. ... - Continue reading
Ukraine: The Parliament Of Ukraine Has Ratified Documents Amending Double Taxation Treaties
On 30 October 2019, the Parliament of Ukraine ratified Protocols amending double taxation treaties with the United Kingdom and Cyprus. ... - Continue reading
Extended tax liabilities for directors in insolvencies linked to tax avoidance
Draft legislation included in the Finance Bill 2019-2020 will potentially make directors and certain other individuals closely connected to a company jointly and severally liable for a company’s tax liabilities that arise from avoidance, evasion or repeated insolvency and non-payment of tax debts or tax-related penalties of the company. ... - Continue reading
HMRC readies crackdown on HNW offshore fund holders
Wealthy UK offshore fund holders are to be targeted by the HMRC in a new probe of compliance and tax transparency. ... - Continue reading
HMRC targets tax avoidance enablers
HMRC is clamping down on the promoters and enablers of tax avoidance scheme as prison sentence lengths for tax evasion rose by 1% on average last year. Penny Ciniewicz, HMRC’s director general of customer compliance, said “We have more than 100 current investigations into promoters [and enablers] and we’re keeping… – Continue reading
Airbnb probed by UK tax authorities
A note in newly filed accounts for Airbnb UK said it had been contacted by HMRC over "tax laws or regulations impacting the company's business". ... - Continue reading
Disclosure of cross-border arrangements
HMRC has recently been consulting on how the UK will implement new EU disclosure rules contained in the latest Directive on Administrative Cooperation (DAC6). ... - Continue reading
SoftBank’s billions-saving tax route to be shut by Tokyo
Finance Ministry targets deliberate losses designed to slash bill ... - Continue reading
UK: Ways For UK Businesses And Foreign Investors To Mitigate Uncertainty Around Brexit
The UK remains in the international spotlight in 2019 as the first member of the European Union to signal its intention to exit irrevocably from the Union. ... - Continue reading
US/UK tax series: US citizens moving to the UK
If you are a US citizen who is becoming UK resident you will continue to be subject to US tax and reporting obligations but will also become subject to UK tax. ... - Continue reading
Taxation of the digital economy, future of debt, and other OECD updates during the IFA Congress 2019 in London
The IFA Congress 2019, held 8-12 September in London, brought together leading international tax and transfer pricing experts from around the world. ... - Continue reading
UK: UK Tax On Property For Non-UK Residents – Recent Changes
From April 2019, all direct disposals of UK land and property by non-UK residents are now subject to UK tax on capital gains ... - Continue reading
US-born British citizen launches crowdfunding campaign to stop FATCA
A US-born British citizen has started a crowdfunding campaign to stop HMRC sharing her personal information with the US Internal Revenue Service (IRS) under the US Foreign Account Tax Compliance Act (FATCA). Law firm Mishcon de Reya has taken on the UK case for a client who alleges HMRC is… – Continue reading
UK: Taxpayer Victory In UK Corporate Residence Case Involving Offshore SPVs
The "management and control'' test of corporate residence is a significant connecting factor for tax purposes in many common law jurisdictions. ... - Continue reading
British citizens born in America face having bank accounts frozen
Tens of thousands of British citizens born in the US but only lived there for a few months or years face having their bank accounts frozen as part of a crackdown by the US tax authorities. The Internal Revenue Service (IRS) is ordering British banks to hand over the… – Continue reading
Guernsey: Moving To Guernsey: The Benefits And Tax Efficiencies (August 2019)
The island of Guernsey is the second largest of the Channel Islands, which are situated in the English Channel close to the French coast of Normandy. ... - Continue reading
Tax from non-doms falls by £2bn as wealthy flee the UK
The number of wealthy residents who pay no UK tax on their offshore accounts has fallen to its lowest level ever, Treasury figures reveal. Last year, there were 78,300 non-domiciled taxpayers, or “non-doms”, in the UK compared with 98,500 in 2016-17. And the £9.5bn they paid to the taxman in… – Continue reading
UK: Non-Resident Capital Gains Tax on United Kingdom Real Estate: A New Regime
The legislation encompassing the new regime for taxing non-residents' gains on the United Kingdom (UK) commercial real estate came into effect on 6th April 2019. Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime. This article briefly summarizes the new rules. ... - Continue reading
UK Finance Bill 2019-20: what international businesses need to know
Draft legislation and explanatory notes to the UK Finance Bill 2019-20 were published on 11 July. Much of the legislation was anticipated with some further clarifications provided. ... - Continue reading
Gibraltar and UK Open Negotiations to Enter into a Double Tax Agreement
The Government of Gibraltar has said it is delighted to welcome Robert Jenrick, Exchequer Secretary to Her Majesty’s Treasury, to Gibraltar to announce that HMGoG and Her Majesty’s Government have opened negotiations to enter into a Double Tax Agreement. It is anticipated that with hard work on both sides a… – Continue reading
UK: UK Tax Round Up – June 2019
In Development Securities plc and others v HMRC, the Upper Tribunal (UT) has overturned the prior discussion of the First-tier Tribunal (FTT) in favour of the taxpayer in an important tax residence case relating to Jersey incorporated companies. ... - Continue reading
Tensions between the drive for transparency and the right to protection of privacy
Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
The American Bar Association is fighting Washington’s efforts to tackle money laundering
This legislation will force owners of US companies to reveal their identities. ... - Continue reading
UK: Global Tax Alert: Cash Pools And Transfer Pricing – 10 Things To Consider
Guide to Cash Pools And Transfer Pricing ... - Continue reading
Commission should have a wider scope
Tracing funny money is not easy Our prime minister intends to constitute an enquiry commission to look into ballooning of debt burden over the past 10 years. Let it cover related benami, money-laundering or other pseudo-financial transactions also. While debt burden pauperized citizens, the offenders became richer. Tracking debt balloon… – Continue reading
UK dependencies to reveal company ownership amid tax haven crackdown
The three British Crown Dependencies - Jersey, Guernsey and the Isle of Man - said on Wednesday they would move to reveal publicly the true ownership of firms based in their jurisdictions, a change welcomed by anti-corruption campaigners. ... - Continue reading
HMRC defeated as Jersey companies deemed not UK-resident
The UK’s Upper Tribunal has decided that three special purpose vehicles (SPVs) incorporated in Jersey as part of a tax planning arrangement were not tax resident in the UK for tax purposes, overturning a 2017 decision from the First-tier Tax Tribunal. Development Securities, a property and investment group based in… – Continue reading
Tax scheme SPVs were not UK resident, says Upper Tribunal
HMRC loses case against tax planning arrangements ... - Continue reading
India calls out Britain for continuing to harbor its financial criminals
Britain reprimanded by India? ... - Continue reading
