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tax avoidance
Settlement Opportunity for Participants in Tax Avoidance Schemes
On 3 December 2012, the Government announced additional investment in HMRC to clamp down on tax avoidance and evasion. Following this announcement, HMRC are inviting some participants in certain schemes to settle their tax liabilities by agreement, without the need for litigation. They believe that this settlement opportunity offers both the taxpayers and HMRC the [...]
Tackling Tax Avoidance and Evasion
On 03 December 2012, ahead of the Chancellor’s Autumn Statement on 06 December 2012, HMRC’s Website announced that the Government would introduce new rules and HMRC would receive increased investment to tackle the ‘small minority’ who do not pay the tax that they are due to pay. In HMRC’s leaflet ‘Closing in on Tax Evasion’, [...]
Autumn Statement 2012 Introduction
Each Government is bound under The Treasury Act 1975 to publish bi-annual reports to the nation, which we now recognise as the Autumn Statement and the Budget. Yesterday on 05 December at 12.30 pm, the Chancellor of the Exchequer George Osborne provided the 2012 Statement, which provided an update on the Government’s plans for the [...]
HMRC Speeds Up, DWP Pensions Survey 2012, DWP – ‘Reinvigorating Workplace Pensions’, Trivial Commutation Tax Code Changes, RTI – ‘Penalties’ Revealed, Employment-Related Shares and Securities, Advisory Fuel Rates – December 2012 and HMRC and Tax Agents
This week’s Newsletter has a strong pensions feel about it. Though I do recognise that the topic is not regarded with the importance it deserves, both professionally and personally, pensions are something that will affect us all at some time or other in our lives, so I would encourage you to read the articles. This [...]
HMRC Targets Freelancers
The Government and its Ministers have been very visible and vocal in their desire to target ‘tax dodgers’ – people who are not paying the tax that they should be paying by using tax avoidance schemes, both legal and illegal, or just plain tax evasion. Employment groups that have been targeted so far include everything [...]
HMRC Briefing: Our Approach to Tax Compliance
Topically, HMRC have produced a double-sided factsheet, which explains how they are aiming to close the tax gap – the difference between what should be collected and what is actually collected. This is in response to the Government’s investment in HMRC in an attempt to ensure tax compliance, by tackling tax evasion and avoidance. [...]
RTI Updates, Universal Credit and Strikers, Auto-Enrolment Updates, Double Taxation Agreements, Gift Aid Small Donations Scheme, Security Accessories in Company Cars and P11D Reminder
I wondered last week – are we all ‘guilty’ of tax avoidance? Many of us will use the likes of an ISA or a pension scheme. Surely these are all methods by which we legitimately save on our tax liability. Is this classed as tax avoidance or is it classed as legal tax avoidance? So, [...]
From George to Lin – HMRC Objectives for 2012/13
In a friendly letter to HMRC’s new Chief Executive Lin Homer, the Chancellor George Osborne outlines the remit for her department in 2012/13. These are: Improving Tax Collection Chief objective (‘priority’) for Ms Homer is the requirement to maximise revenue in 12/13 in the sum of at least £17 billion. This will be, primarily, by [...]
Disclosure of Tax Avoidance Schemes – Budget update
In 2011, we saw an HMRC consultation about extending the “hallmarks” (the descriptions of schemes required to be disclosed for income tax, capital gains tax or corporation tax). The Government have announced that they will be formally consulting over the summer on extending the hallmarks so as to capture avoidance schemes that do not currently [...]
Review of tax advantaged employee share schemes – Budget update
The Government will be considering the recommendations of the Office of Tax Simplification’s review of tax advantaged share schemes, and will consult shortly on how to take a number of these proposals forward. Legislation will be in future finance bills.
Tax avoidance proposals for double taxation agreements dropped
The Government has decided not to proceed with proposals to counter continuing exploitation of the provisions of DTAs. In August 2011, HMRC published a technical note and draft regulations that set out a proposed approach to combating tax avoidance arrangements which exploit the provisions of double taxation agreements (DTAs). Comments were sought by a deadline [...]
HMRC publishes draft legislation to tackle tax avoidance using double taxation agreements
HMRC proposes a different method to counter prevent continuing exploitation of the provisions of DTAs. The UK has some 120 bilateral double taxation agreements (DTAs) with other countries, the purpose of which is the avoidance of double taxation, i.e. situations where tax liabilities on the same payments in both countries, and the prevention of fiscal [...]
Budget – Anti tax avoidance measures
A number of measures are to be included in the 2011 and later Finance Bills to prevent the use of certain tax avoidance schemes. However, the Government has announced that measures will also be included in the 2012 Finance Bill to deter the continued use of avoidance schemes that are believed not to deliver the [...]
Measures to strengthen tax avoidance scheme disclosure rules
In a consultation document issued at the time of the 2009 Pre-Budget Report, HMRC sought views on a number of proposed changes to the “Disclosure of Tax Avoidance Scheme” (DOTAS) regime. The disclosure rules were originally introduced by means of the Finance Act 2004 but they have been developed extensively since then and now apply [...]
New penalty regime for tax avoidance non-compliance
In a consultation document issued at the time of the 2009 Pre-Budget Report, HMRC sought views on a number of proposed changes to the statutory Disclosure of Tax Avoidance Scheme rules. They were originally introduced by means of the Finance Act 2004 but have been developed extensively since then and now apply to income tax [...]
