Personal Tax

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Image for wales closer gaining devolved tax powers

Tax | Wales closer to gaining devolved tax powers

Plans to introduce devolved tax powers for Wales are likely to come into force later this year, giving the Welsh control of a share of the nation’s £4.5bn annual tax take

10 Jun 2016

Tax | Mabbutt scores a win over £653k HMRC date blunder

HMRC risks failing to collect £653,000 of tax from Michael Mabbutt, a participant in a tax avoidance scheme after sending out an enquiry notice which has been declared invalid by a tribunal because it mistakenly referred to a non-existent tax year

9 Jun 2016

Tax | MEPs draw up plans for EU tax avoidance directive

MEPs have voted to support a European Commission proposal for an EU anti-tax avoidance directive based on the OECD’s Base Erosion and Profit Shifting (BEPS) action plan, and have indicated they want to push for stricter limits on deductions for interest payments and tougher rules on foreign income

9 Jun 2016

Tax | MEPs set to probe Panama Papers and flouting of EU tax rules

The European parliament has set up a 65-strong committee of MEPs to probe the Panama Papers revelations into the use of offshore companies and their ultimate beneficiaries, in light of widespread contravention of existing EU directives

9 Jun 2016

Tax | Changes to tax relief on pensions for Scottish taxpayers

The introduction of the Scottish Rate of Income Tax (SRIT) from April 2016 means that registered pension scheme administrators and pension providers will need to make changes to their IT systems for Scottish taxpayers before April 2018

8 Jun 2016

Tax | Accountants slow to offer probate services

Accountants view probate work as a potential future area of growth, but need to spend more time marketing their new services if they are to achieve expected revenues, according to research by training provider swat UK

8 Jun 2016

Tax | Taxpayers must check P60s to avoid overpaying tax on savings

Taxpayers are being urged to doublecheck their P60s this year to avoid overpaying tax as a result of a raft of changes to tax on personal savings which sees banks and building societies paying interest without tax deductions at source

7 Jun 2016

Tax | End of paper tax disc sees £200m hike in evasion

Switching from a paper tax disc to an online system for collecting Vehicle Excise Duty (VED) has prompted a fall of over £200m in the amount of tax collected by the Driver and Vehicle Licensing Agency (DVLA) in the first six months of operation, new figures suggest

7 Jun 2016

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Personal Tax

Tax Compliance

Image for hmrc beats little wing films ps100m tax avoidance scheme

Tax | HMRC beats Little Wing Films in £100m tax avoidance scheme

In a long-running case involving film schemes, HMRC has won a case involving the abuse of a tax avoidance scheme estimated to be worth around £100m run by Little Wing Films, after four men falsely claimed to have invested £275m into offshore companies

6 Jun 2016

Tax | Smaller £5 note trumpets plastic credentials

The increasingly rare fiver is due for an overhaul with the release of details of the final design for a brand new polymer-based £5 note set for release this September

3 Jun 2016

Tax | Tax Freedom Day falls four days later than 2015

Today is Tax Freedom Day in the UK, the first time Britons start earning rather than paying tax in the calendar year and for the first time since 2001, the date has fallen in June

3 Jun 2016

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Personal Tax

Tax Planning

Image for owning racehorse raises potential tax pitfalls

Tax | Owning a racehorse raises potential tax pitfalls

US Army Ranger and Ulysses are favourites to win the Epsom Derby at 5/1 and 7/1 but owning a racehorse comes with its own tax risks

3 Jun 2016

Tax | EU defers tax hearings

EU plans to combat tax evasion have been postponed until after the referendum partly to avoid harming David Cameron’s campaign to stay in

3 Jun 2016

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Personal Tax

Tax Compliance

Image for footballer messi barcelona court over tax fraud allegations

Tax | Footballer Messi in Barcelona court over tax fraud allegations

Footballer Lionel Messi is due to give evidence at a court in Barcelona today to answer charges of tax fraud associated with his image rights and the use of offshore shell companies

2 Jun 2016

Tax | Savers shy away from legitimate tax planning

The appetite for even the most standard tax planning is being dented by a raft of negative publicity around tax evasion and aggressive tax avoidance, according to a survey of financial advisers by Old Mutual, with trusts and estate planning viewed as potentially risky

1 Jun 2016

Tax | Finance Bill 2016 could be delayed until autumn

A lack of time until the summer recess and the over-riding political focus on the EU referendum could see the latest Finance Bill 2016 delayed until the autumn as the timetable for the committee stage slips into early July

25 May 2016