Category: HM Revenue & Customs

Int’l task force sees success in cracking down on tax crimes

The tax crime-fighting group including the Australian Taxation Office (ATO, the Canadian Revenue Agency (CRA), the Dutch Fiscal Information and Investigation Service (FIOD), Her Majesty’s Revenue and Customs (HMRC) from the U.K. and the Internal Revenue Service Criminal Investigation Division (IRS-CI) from the U.S sees a silver lining regarding its purpose. ... - 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 collects record £191bn in income tax

The taxman is raking in record amounts in income tax as the latest figures reveal Britons paid an extra £11bn in 2018/19. Income tax receipts have soared to a record £191bn, according to figures published, a 6% increase from the previous year. Britons are paying almost 30% more income tax… – 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 Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime.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

HMRC targets accountants over tax evading clients

HMRC sent 1,414 requests to professional services firms demanding confidential information on clients suspected of tax evasion in the 12 months to 31 March 2018, according to law firm RPC. The production orders are issued by HMRC’s Criminal Investigation Directorate to force third parties, such as accountants, lawyers and other… – Continue reading

FAMILY BUSINESSES DOMINATE LIST OF BRITAIN’S HIGHEST TAXPAYERS

Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively… – Continue reading

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… – Continue reading

HMRC sets out rules to clarify tax avoidance ‘enabler’ status

Britain’s HM Revenue and Customs has sought to clarify when financial advisers will be considered “enablers” of tax avoidance when promoting tax-free investment and savings schemes. The move is in response to government plans to fine those promoting such avoidance schemes, which led to industry unease at how the authorities… – Continue reading

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… – Continue reading

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… – Continue reading

Crest Nicholson loses tax avoidance case

A tax tribunal has ruled against a stamp duty land tax (SDLT) avoidance scheme used by Crest Nicholson, one of the UK’s largest house builders, meaning it will have to pay the £1.3m it owes. HM Revenue & Customs (HMRC) challenged the artificial and complex arrangements made by the FTSE… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading