Category: tax avoidance

Barclays £500m tax loophole closed by Treasury in rare retrospective action – The Guardian

Posted February 28th, 2012 in banking, HM Revenue & Customs, news, retrospectivity, tax avoidance by tracey

“The Treasury has rushed in legislation to close down two ‘aggressive’ tax avoidance schemes that a high-street bank had disclosed to HM Revenue and Customs in an effort to avoid tax. As it announced highly unusual steps to take retrospective action to shut down the ‘highly abusive’ schemes, the Treasury refused to the name the bank involved, although the Guardian understands that it is Barclays. The bank has refused to comment.”

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The Guardian, 28th February 2012

Source: www.guardian.co.uk

New tax watchdog to stop ‘sweetheart deals’ with big firms – Daily Telegraph

Posted February 28th, 2012 in HM Revenue & Customs, news, tax avoidance, taxation by tracey

“A watchdog is to be appointed to ensure that the taxman does not strike overly-generous sweetheart deals with big firms trying to avoid multi-million pound bills.”

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Daily Telegraph, 28th February 2012

Source: www.telegraph.co.uk

Revenue and Customs Commissioners v Cotter – WLR daily

Posted February 10th, 2012 in capital gains tax, income tax, law reports, tax avoidance by tracey

Revenue and Customs Commissioners v Cotter: [2012] EWCA Civ 81;  [2012] WLR (D)  25

“Where the revenue decided to challenge matters contained in a self assessment tax return in response to the particulars sought by the return, it should use either the procedure in section 9A of the Taxes Management Act 1970 or seek to make a correction to the return under section 9ZB, if applicable, therefore entitling the taxpayer to a right of appeal to the First Tier Tribunal. The court did not have jurisdiction to determine in collection proceedings whether a taxpayer was entitled to include in his tax return a claim for relief and so rely on it as a defence to the claim for immediate payment.”

WLR Daily, 8th February 2012

Source: www.iclr.co.uk

Reported tax avoidance on the increase as accountants track highest ever year for corporate fraud – OUT-LAW.com

Posted January 11th, 2012 in bribery, fraud, news, tax avoidance by sally

“The value of reported fraud cases against UK businesses reached a record £2 billion in 2011, according to a report.”

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OUT-LAW.com, 10th January 2012

Source: www.out-law.com

Revenue suspends its inquiry into tax office whistleblower – The Guardian

Posted December 16th, 2011 in disciplinary procedures, news, solicitors, tax avoidance, whistleblowers by tracey

“Officials at Revenue and Customs are reconsidering disciplinary procedures against a whistleblower whose information has led to two inquiries into allegations that City corporations were let off billions of pounds in tax penalties. A Whitehall source said tax officials had suspended a ‘fact-finding’ investigation into Osita Mba, a tax solicitor, in the wake of criticism from MPs and the public.”

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The Guardian, 15th December 2011

Source: www.guardian.co.uk

Goldman Sachs whistleblower threatened with the sack – The Guardian

Posted December 9th, 2011 in disciplinary procedures, news, solicitors, tax avoidance, whistleblowers by tracey

“A solicitor at HM Revenue & Customs who turned whistleblower to disclose that senior managers had quietly let off Goldman Sachs from paying millions of pounds in tax penalties is facing disciplinary procedures and possible prosecution for speaking out.”

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The Guardian, 8th December 2011

Source: www.guardian.co.uk

UK Uncut accuses Revenue & Customs of delaying judicial review – The Guardian

Posted November 23rd, 2011 in corporation tax, delay, judicial review, news, tax avoidance by sally

“The campaign group trying to recoup £10m in unpaid tax penalties from Goldman Sachs has accused Revenue & Customs of delaying a judicial review of the controversial settlement it made letting the bank off the money it owed.”

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The Guardian, 22nd November 2011

Source: www.guardian.co.uk

Judge to examine Goldman Sachs tax deal – The Independent

Posted November 22nd, 2011 in auditors, inquiries, news, tax avoidance, taxation by sally

“A senior judge is to be brought in to investigate a series of highly controversial tax deals which cost the Exchequer millions of pounds in lost revenue.”

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The Independent, 22nd November 2011

Source: www.independent.co.uk

Channel Islands VAT loophole to close from April – OUT-LAW.com

Posted November 10th, 2011 in news, tax avoidance, VAT by sally

“A tax loophole which allows retailers to avoid VAT charges by bringing low-value goods into the UK via the Channel Islands is to end from 1 April 2012, the Government has announced.”

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OUT-LAW.com, 10th November 2011

Source: www.out-law.com

Regina (Huitson) v Revenue and Customs Commissioners – WLR Daily

Posted July 27th, 2011 in double taxation, human rights, income tax, law reports, retrospectivity, tax avoidance by tracey

Regina (Huitson) v Revenue and Customs Commissioners [2011] EWCA Civ 893 ;  [2011] WLR (D)  248

“Section 58 of the Finance Act 2008 which amended fiscal legislation regarding double taxation relief with retrospective effect, thereby removing tax relief from tax avoidance schemes to United Kingdom residents, was neither disproportionate nor incompatible with article 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundamental Freedoms, as scheduled to the Human Rights Act 1998.”

WLR Daily, 25th July 2011

Source: www.iclr.co.uk

Treasury’s plans for tax avoidance rule sound like fantasy – The Guardian

Posted December 9th, 2010 in news, tax avoidance by sally

“Ambitions to deter avoidance while keeping businesses and taxpayers happy are likely to prove impossible.”

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The Guardian, 9th December 2010

Source: www.guardian.co.uk

New rules could force Britain’s tax exiles to pay up – The Guardian

Posted February 18th, 2010 in domicile, news, tax avoidance, taxation by sally

“The government is unleashing a tough crackdown on Britain’s super-rich tax exiles in a move that will increase the pressure on dozens of the country’s wealthiest business figures and celebrities.”

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The Guardian, 17th February 2010

Source: www.guardian.co.uk

Peers who fail to pay taxes could face jail – Daily Telegraph

Posted January 20th, 2010 in domicile, news, peerages & dignities, tax avoidance by sally

“A series of amendments to the Constitutional Reform Bill, which is currently before the Commons, have been tabled which would force peers to be domiciled in the United Kingdom for tax purposes.”

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Daily Telegraph, 20th January 2010

Source: www.telegraph.co.uk

Tax avoidance experts may face FSA crackdown – The Guardian

Posted July 24th, 2009 in banking, financial regulation, news, tax avoidance by sally

“Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority.”

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The Guardian, 23rd July 2009

Source: www.guardian.co.uk

Guardian loses legal challenge over Barclays documents gagging order – The Guardian

Posted March 19th, 2009 in banking, confidentiality, news, tax avoidance by sally

“The Guardian today lost a high court challenge to lift an emergency gagging order imposed on the publication of Barclays bank documents alleged to detail huge tax avoidance schemes.”

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The Guardian, 19th March 2009

Source: www.guardian.co.uk

High court to deliver ruling on bank’s gag on tax documents – The Guardian

Posted March 19th, 2009 in banking, confidentiality, disclosure, injunctions, news, tax avoidance by sally

“A high court judge is due to rule today on Barclays’ attempt to ban the Guardian from publishing whistleblower documents about the bank’s tax avoidance schemes.”

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The Guardian, 19th March 2009

Source: www.guardian.co.uk

Barclays in court again to halt publication

Posted March 18th, 2009 in banking, confidentiality, injunctions, news, tax avoidance by sally

“Barclays Capital will return to court tomorrow in a bid to prevent the publication of leaked documents that allegedly detail how the bank avoided paying hundreds of millions of pounds in tax.”

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The Times, 17th March 2009

Source: www.timesonline.co.uk

HMRC investigates allegations of tax avoidance schemes at Barclays – The Times

Posted March 17th, 2009 in banking, news, tax avoidance by sally

“HM Revenue & Customs (HMRC) is reportedly investigating alleged tax avoidance schemes run by Barclays.”

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The Times, 17th March 2009

Source: www.timesonline.co.uk

Voluntary code to make banks pay taxes could be made law – The Independent

Posted March 17th, 2009 in banking, news, tax avoidance by sally

“A new code of conduct for banks to stop them avoiding billions of pounds in taxes is to be introduced, Alistair Darling announced yesterday.”

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The Independent, 17th March 2009

Source: www.independent.co.uk

Tesco tax avoidance schemes can form part of libel case, judge rules – The Guardian

Posted July 30th, 2008 in corporation tax, defamation, news, tax avoidance by sally

“Details of elaborate offshore corporation tax avoidance schemes operated by Tesco were yesterday allowed to be introduced into evidence in a libel case the supermarket chain is bringing against the Guardian.”

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The Guardian, 30th July 2008

Source: www.guardian.co.uk