Personal Tax

Latest news

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Tax | Call for abolition of air passenger duty to boost economy

A newly formed lobby group of airline operators, Airlines for Europe (A4E), is calling on the UK government to abolish air passenger duty (APD) in a bid to boost GDP and create new jobs, even though the cost to the Treasury would be £3bn annually

13 Sep 2016

Tax | Investors sue Ingenious Media for £100m losses

A group of investors in Ingenious Media's film and game investment partnerships is taking legal action against the company and banks including UBS and Coutts, after the latest First Tier Tribunal (FTT) ruling branded elements of the scheme as tax avoidance, reports Pat Sweet

9 Sep 2016

Tax | Making Tax Digital: the impact on authorised tax agents

HMRC’s Making Tax Digital (MTD) programme is set to change how businesses and individuals pay their tax. Alan Boby, head of tax and wealth planning at Ellacots explains the large impact the policy will have on businesses and accountants

9 Sep 2016

Tax | Spreadsheets under threat in Making Tax Digital consultations

HMRC is reviewing the future role of the spreadsheet and whether it will be able to interface with the HMRC Making Tax Digital system, and hence whether it can be used to produce the required filings

9 Sep 2016

Tax | Scotland raises £572m from stamp duty and landfill tax

In the first year of collecting devolved taxes, Revenue Scotland has raised more than half a billion pounds of tax from stamp duty and landfill taxes, up £70m on budget expectations

9 Sep 2016

Tax | Overhaul of Jersey trusts could hurt settlors

As the Jersey government plans to overhaul its trust laws, the impact on tax planning will be significant. Gilead Cooper QC is far from convinced about the benefits for settlors

8 Sep 2016

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Personal Tax

Tax Compliance

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Tax | HMRC updates guidance on employee benefit trust settlements

Following the closure of the HMRC settlement period for for employee benefit trust settlement opportunity (EBTSO) last year, the tax authority has set out revised guidance outlining how income tax will be offset for non-disclosed years

6 Sep 2016

Tax | NAO launches investigation into HMRC’s tax collection from HNWI

The National Audit Office (NAO) plans to investigate HMRC’s approach to collecting tax from high net worth individuals (HNWI), due for publication this winter

6 Sep 2016

Tax | Kavanagh: tax settlement warning as De Silva case looms

Tax settlements with HMRC may not yield the best results for taxpayers in dispute, warns John Kavanagh, senior counsel at Taxxa, as the potentially decisive De Silva case approaches the Supreme Court in 2017

6 Sep 2016

Tax | Icebreaker 2 appeal thrown out by Upper Tribunal

The lead appeal in Icebreaker 2 partnerships has been dismissed by the Upper Tribunal after it was ruled investments constituted purchases of guaranteed income streams

5 Sep 2016

Tax | HMRC issues 60,000 APNs since 2014 launch

Since the launch of accelerated payments notices (APNs) in 2014, HMRC has raised £3bn by forcing those under investigation for tax avoidance to pay up disputed tax immediately, although the notices have come under fire in the courts and thousands have been withdrawn

5 Sep 2016

Tax | HMRC failings lead to unnecessary investigations into taxpayers

HMRC faces criticism as only 48% of individuals and 57% of SMEs believe that the tax authority has the right systems in place to prevent taxpayers from making errors on their tax returns which results in unnecessary investigations

5 Sep 2016

Tax | 2.7% hike in average £800k lifetime tax bill

An average household will pay £826,030 in direct and indirect taxes over a lifetime, with the total increasing by 2.7% in 2014-2015 compared to the previous year, according to figures compiled by the TaxPayers’ Alliance (TPA)

31 Aug 2016

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Personal Tax

Tax Planning

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Tax | HMRC consults on tougher action on black economy

HMRC has announced three consultations on proposals to tackle the hidden economy, which include wider data gathering powers, the requirement for some businesses to register for tax purposes in order to access to licenses or services, and new sanctions for compliance failures

30 Aug 2016

Tax | Dodwell: digital accounts could benefit individual taxpayers

Bill Dodwell, senior partner and head of tax policy at Deloitte casts his expert eye over digital tax accounts for individuals and small businesses

30 Aug 2016

Tax | Parents must update tax records for children post GCSEs by 31 August

Parents that receive child benefit and child tax credits have been reminded by HMRC to update their child’s educational status after GCSE results were released to ensure that they continue to receive the correct payments

26 Aug 2016