Personal Tax

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Tax | Non-doms: how the remittance basis charge will work

The government’s plan to overhaul the tax status of non-doms with the introduction of a higher remittance basis charge (RBC) from April 2015 may be complex and punitive, says Ray McCann, partner and head of the private wealth tax practice at Pinsent Masons LLP, but you need to get to grips with the new rules quickly to ensure complete tax compliance

9 Feb 2015

Tax | HSBC attacked over tax avoidance via Swiss accounts

HSBC has come under fire for helping thousands of wealthy UK individuals to avoid paying tax by concealing assets in bank accounts held by its Swiss private banking subsidiary, while HMRC has also drawn criticism for its failure to mount more prosecutions of those involved

9 Feb 2015

Tax | HMRC tax summaries now available online for 2014/15 SA returns

More than 8m taxpayers who filed their 2013 to 2014 tax return electronically by the 31 January deadline can now access their online tax summary, says HMRC

9 Feb 2015

Tax | Tax and NICs position for internationally mobile employees to be aligned

HMRC has published the responses to its consultation on the liability for earnings-related national insurance contributions (NICs) from employment related securities (ERS) income earned by internationally mobile employees (IMEs)

6 Feb 2015

Tax | Lib Dem tax plans target wealthiest

In the run-up to May’s general election the Liberal Democrats have outlined their tax policy for a future government, which includes raising £8bn in tax rises and a further £6bn by cracking down on tax avoidance as part of a plan to reduce the structural deficit within three years

6 Feb 2015

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Tax | 890,000 taxpayers face £100 late filing SA fine

Nearly one million people could face a £100 fine for failing to file their online tax returns on time now the January deadline for self assessment returns has passed

3 Feb 2015

Tax | Self Assessment tax returns hit record high as deadline passes

A record number of taxpayers completed their Self Assessment forms by the deadline this year as 10.24m tax returns were submitted by midnight on 31 January, of which only 1.41m were paper returns

2 Feb 2015

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Tax | Tax updates: February 2015

Our monthly roundup of significant tax cases from Donaldson losing the argument at Upper Tribunal over late filing penalties, qualifying trading company test not satisfied in Branagan, LZW fined over SDLT avoidance scheme, devolving tax powers to Northern Ireland and structural weaknesses at Office for Tax Simplification hamper progress on tax reform

2 Feb 2015

Tax | LDF undisclosed tax scheme yields over £1bn

HMRC’s latest statistics show the tax yield from the Liechtenstein Disclosure Facility (LDF) for undeclared offshore liabilities has climbed through the £1bn barrier, but is likely to be well short of delivering the £3bn originally promised by the time the scheme closes next year

29 Jan 2015

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Tax | VAT Q&As: registration under transfer of going concern, cash accounting

Julie Green, VAT consultant considers VAT liability under transfer of a going concern rules, reclaims under the cash accounting scheme and gross interest payments on loans from a non-UK based debtor

26 Jan 2015

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Tax | Super rich hit out at tax burden as non-dom and stamp duty taxes rise

The super rich have warned they will leave the UK if tax rates continue to rise, according to a survey of ultra high net worth (UHNW) individuals who are clients of wealth advisory firm, Virtual Family Office, a group representing people with net wealth in excess of £5m

23 Jan 2015

Tax | Tax changes hit rich and poor hardest, IFS finds

Tax and benefit changes introduced by the coalition have reduced household incomes by an average of 3.3%, but there has been a disproportionate impact on both low-income families and the very rich, according to the Institute of Fiscal Studies (IFS)

23 Jan 2015

Tax | Treasury consults on non-dom three-year remittance charge

As part of the government’s clampdown on tax avoidance, HMRC and the Treasury have released a joint consultation on plans to set a minimum claim period for the tax remittance base charge for non-doms at three years, a measure first announced by the Chancellor in the Autumn Statement 2014.

22 Jan 2015

International Tax

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Tax | Scotland Bill on tax devolution first through next Parliament

Danny Alexander, chief secretary to the Treasury, has confirmed the draft legislation giving Scotland new powers over tax and spending will be a priority for any new government following the general election as the draft legislation on further tax devolution for Scotland is released

22 Jan 2015

Law and Regulation

Tax | Scotland revises stamp duty rates for Scottish property sales

Before the new Scottish property taxes have even been introduced, the Scottish government has announced revisions to the proposed rates and bands for residential property transactions under its new Land and Buildings Transaction Tax (LBTT), which replaces stamp duty land tax (SDLT) in Scotland from April

22 Jan 2015

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Tax | ‘No detriment’ to Scottish fiscal devolution, says Osborne

Ahead of publication of a draft Scotland Bill on Thursday, Chancellor George Osborne has warned that the Scottish government will need to learn to live with the consequences of any of its decisions to raise or lower the income tax rate once powers to vary the rate are devolved from 2016

20 Jan 2015

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