Category: HM Revenue & Customs

Worldwide: UK Tax Round Up – November 2018

General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill...

UK Revisits Proposed BEPS Changes To Its Double Tax Treaties

The UK tax agency, HM Revenue and Customs, on April 16, 2018, released proposed changes to the list of amendments it intends to make to its bilateral double tax avoidance agreements through the OECD’s base erosion and profit shifting multilateral instrument. The new document – Proposed changes to the provisional...

HMRC To Add To Arsenal Against Diverted Profits

HM Revenue and Customs (HMRC) has launched a consultation inviting input on proposals to tackle arrangements entered into by individuals, partnerships, or companies that aim to move UK profits outside the scope of UK taxation, typically through the use of offshore trusts and companies. The new legislation, to be drafted...

HMRC updates common reporting standard guidance

The move comes after HM Revenue & Customs received representations from the Association of Charitable Foundations and the Charity Finance Group HM Revenue & Customs has updated its guidance on the forthcoming common reporting standard after receiving concerns from charities. The CRS is an international standard for the automatic exchange...

HMRC withdraws 3,000 demands for upfront payment from those accused of tax avoidance

HMRC has withdrawn around 3,000 of its accelerated payment notices APNs – which give recipients 90 days to settle up – were introduced in July 2014 The Revenue has come underfire for issuing notices with ‘too little consideration’ HM Revenue & Customs has withdrawn around 3,000 of its controversial notices...

HMRC withdraws 3,000 demands for upfront payment from those accused of tax avoidance

HMRC has withdrawn around 3,000 of its accelerated payment notices APNs – which give recipients 90 days to settle up – were introduced in July 2014 The Revenue has come underfire for issuing notices with ‘too little consideration’ HM Revenue & Customs has withdrawn around 3,000 of its controversial notices...

Panama Papers’ taskforce launches tax evasion investigations

A government taskforce created to analyse the Panama Papers data leak has identified a number of leads that are relevant to a major insider-trading operation, led by the Financial Conduct Authority (FCA) and supported by the National Crime Agency. After acquiring data on offshore activity in Panama, the taskforce has...

Experts dismiss HMRC’s shrinking tax gap estimate

The narrowing figure of £36bn roundly condemned for ignoring estimated tens of billions lost in profit shifting and tax avoidance by multinationals Tax experts warned that HM Revenue & Customs was underestimating the size of Britain’s tax avoidance problem after the agency claimed that Britain’s annual tax shortfall was only...

U.K. Considers Tough Regs on ‘Tax Avoidance Enablers’

Tax evasion is a serious crime that can result in hefty fines and even prison time for the taxpayer if convicted. In an effort to curb the incidence of tax evasion in the U.K., Treasury officials are considering new regulations that would penalize accountants, financial advisors and other promoters and...

HMRC takes aim at tax dodgers hiding foreign income

The taxman plans to crack down on people who hide earnings from offshore investments, with greater powers to impose tougher penalties. People who do not reveal income from foreign accounts and investments to HM Revenue & Customs (HMRC) could be hit with penalties of three times the amount of tax...

Treasury proposal may fine tax evaders up to 200% of amount owed

Tougher stance follows Theresa May’s leadership campaign promise to be more punitive of tax evasion and avoidance The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published...

HMRC explores tougher methods for publicising tax fraud by the wealthy

Public Accounts committee criticised HMRC’s lack of strategy HM Revenue & Customs (HMRC) is exploring how it can better publicise fraud investigation outcomes and increase the impact of the sanctions it uses, in order to dispel the myth “people are getting away with tax evasion”. The department said it wants...

Global Tax Update – June 2016

Asia Pacific The January – March edition of tax highlights for the Asia Pacific region highlights industry developments from Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia and Singapore including: Australia’s new tax system for Managed Investment Trusts The final stage of China’s B2V reform to be rolled out from...

Nigeria: Why Tax Avoidance Does Untold Damage to Business

For now… corporations, as responsible global citizens, should endeavour to pay their fair share of taxes to avoid threats to their own long term sustainability. Multinational companies like Google, Starbucks, Facebook, Amazon and other global corporations are constantly coming under public fire for avoiding taxes on their British sales. For...

HMRC accused of hypocrisy over tax avoidance stance

Pinsent Masons has accused HM Revenue & Customs (HMRC) of hypocrisy over its recent approach to tax planning and avoidance. Fiona Fernie, a partner at the law firm, said many of the government department’s investigations of late had been politically motivated, “concentrating on the best soundbites for ministers”. Tax avoidance...

The towns taking on the taxman for a fairer tax deal

A group of businesses in the Welsh town of Crickhowell have gone offshore as part of a campaign to try and get HMRC to change tax laws. The Welsh town of Crickhowell is spearheading a unique campaign to get HM Revenue & Customs (HMRC) to change the laws so companies...

QROPS – The Great American Pension Nightmare

The American dream can turn into a nightmare for expats wanting to switch their UK pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS). Thousands of expats cross the Atlantic both ways with London home to Americans in sectors such as finance, entertainment and media, while Florida is a popular...

HMRC to repay tax to thousands of banking and IT contractors

Banking and IT contractors forced to stump up tens of thousands of pounds to settle contested tax debts last year are now in line to be repaid, after the UK tax authority accepted it should not have issued payment demands. HM Revenue & Customs has withdrawn so-called accelerated payment notices...

HMRC to repay tax to thousands of banking and IT contractors

Banking and IT contractors forced to stump up tens of thousands of pounds to settle contested tax debts last year are now in line to be repaid, after the UK tax authority accepted it should not have issued payment demands. HM Revenue & Customs has withdrawn so-called accelerated payment notices...