Category: tax avoidance
Tax avoidance sanctions proposals “threaten rule of law” – Legal Futures
‘Government proposals to clamp down on tax avoidance by targeting advisers with sanctions if HMRC successfully challenges a scheme further blur the line between evasion and avoidance, and “threaten the rule of law”, according to a prominent tax lawyer.’
Legal Futures, 18th August 2016
Source: www.legalfutures.co.uk
Proposal to fine tax avoidance enablers lacks teeth, campaigners say – The Guardian
‘Government proposals to impose heavy fines on banks, accountants and lawyers who market tax avoidance schemes will fail without more resources for HM Revenue & Customs to pursue offenders, campaigners have said.’
The Guardian, 17th August 2016
Source: www.guardian.co.uk
Tax avoidance enablers to face tough new penalties – HM Revenue and Customs
‘Accountants, tax planners and advisers who provide advice on how to avoid tax will face tough penalties under new proposals being consulted on by the government, Financial Secretary to the Treasury Jane Ellison announced today.’
HM Revenue and Customs, 17th August 2016
Source: https://www.gov.uk/government/organisations/hm-revenue-customs
Firms giving advice on aggressive tax avoidance could face large fines – The Guardian
‘Accountants, lawyers and consultants whose multibillion pound industry provides advice on how to aggressively avoid tax could face large financial penalties under government proposals.’
The Guardian, 17th August 2016
Source: www.guardian.co.uk
Court of Appeal: SDLT not payable by company using Shari’a finance scheme – OUT-LAW.com
‘Project Blue Limited (PBL) was not liable for stamp duty land tax (SDLT) in respect of its acquisition of the former Chelsea Barracks by means of a Shari’a finance scheme, the Court of Appeal has ruled.’
OUT-LAW.com, 31st May 2016
Source: www.out-law.com
Regulator widens inquiry into UK firms’ links with Panama Papers tax havens – The Guardian
‘The City regulator has widened its inquiries into potential links between UK financial firms and the law company at the centre of the Panama Papers revelations, it said on Tuesday.’
The Guardian, 26th April 2016
Source: www.guardian.co.uk
HMRC investigates just 35 wealthy tax evaders per year, report reveals – Daily Telegraph
‘HMRC investigated just 35 wealthy people for tax evasion last year, prompting a committee of MPs to warn the level of action is “woefully inadequate” in the wake of the Panama Papers tax avoidance scandal.’
Daily Telegraph, 15th April 2016
Source: www.telegraph.co.uk
‘Aggressive’ tax avoidance scheme based on Disney film rights to appeal to supreme court – The Guardian
‘A film partnership accused by HM Revenue & Customs of using industry exemptions to help its members avoid paying their fair share of tax will this week take its case to the supreme court.’
The Guardian, 13th April 2016
Source: www.guardian.co.uk
Do you know the difference between tax evasion and tax avoidance? Take our quiz – The Independent
‘Most of us have little choice about how we pay our tax. It simply comes out of our pay packets.
We don’t have a choice to evade or avoid tax even if we wanted to. Or do we?’
Full story
The Independent, 13th April 2016
Source: www.independent.co.uk
Inheritance tax should be scrapped – it’s unpopular and barely raises any money
‘Inheritance tax is a losing issue for the left and the right, despite raising a mere quarter of 1 per cent of GDP.’
The Independent, 11th April 2016
Source: www.independent.co.uk
National Crime Agency demands quicker access to offshore firm records – The Guardian
‘The UK crime agency is demanding quicker access to the corporate records of secretive offshore companies in Britain’s overseas territories including the British Virgin Islands, Bermuda and the Cayman Islands.’
The Guardian, 10th April 2016
Source: www.guardian.co.uk
‘Big Four’ audit firms never examined over illegal tax plans – The Independent
‘Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called “Big Four” firms – PricewaterhouseCoopers (PwC), KPMG, Deloitte & Touche and Ernst & Young – has ever faced regulatory investigation for such schemes. Court rulings condemning unlawful avoidance schemes are regularly overlooked by regulators.’
The Independent, 18th January 2016
Source: www.independent.co.uk
City watchdog denies going soft on banks after dropping inquiry – The Guardian
‘The acting chief executive of the City watchdog has denied claims it has gone soft on banks following the decision to drop its inquiry into banking culture.’
The Guardian, 9th January 2016
Source: www.guardian.co.uk
Court of Appeal highlights ‘real prospect of success’ of accelerated payment notice judicial review – OUT-LAW.com
‘Investors in the Ingenious Media film partnership schemes have been granted the right to appeal the High Court’s dismissal of their challenge to HM Revenue and Customs (HMRC), which had required up-front payment of disputed tax.’
OUT-LAW.com, 3rd December 2015
Source: www.out-law.com
John Mander Pension Scheme Trustees Ltd v Commissioners for Her Majesty’s Revenue and Customs – Supreme Court
Supreme Court, 29th July 2015
Ingenious film investors lose human rights challenge over upfront tax – The Guardian
‘More than 150 wealthy investors in controversial film investment schemes, which HMRC says amount to tax avoidance, have lost a human rights challenge to new powers tax inspectors have been deploying to demand upfront payments.’
The Guardian, 31st July 2015
Source: www.guardian.co.uk
Limitation, latent damage and tax mitigation scheme claims – Hardwicke Chambers
‘As (relatively) recent press coverage of celebrity participants shows, litigation relating to tax mitigation (or avoidance) schemes is on the rise. HMRC has taken an increasingly harder line in recent years both in tightening the legislation surrounding tax avoidance and in refusing and litigating claims for tax relief based on “losses” incurred in tax mitigation schemes. Investors who have lost out are increasingly turning to their original financial advisers for recompense. Unfortunately, many such claims are only considered or intimated after the primary limitation period has passed.’
Hardwicke Chambers, 15th June 2015
Source: www.hardwicke.co.uk
Upper Tribunal: Ocean Finance VAT arrangements could stand as not ‘wholly artificial’ – OUT-LAW.com
‘HM Revenue and Customs (HMRC) should not look beyond the contractual arrangements that govern a company’s structure when establishing liability for VAT unless those arrangements do not reflect “economic and commercial reality”, a tribunal has ruled.’
OUT-LAW.com, 5th June 2015
Source: www.out-law.com
