Personal Tax

Latest news

Tax | Lawyer kills himself after tax affairs investigation

A partner in a leading City law firm who had voiced concerns about having invested in two tax avoidance schemes which were subsequently under investigation by HMRC committed suicide, an inquest has heard.

28 May 2014

Tax

Personal Tax

Tax | £21bn rise in tax revenue driven by house sales

Increased income tax revenues and a substantial rise in Stamp Duty Land Tax (SDLT) receipts have pushed up HMRC’s overall tax take in the last twelve months, which is now £21bn higher than the previous year

23 May 2014

Tax | HMRC ‘names and shames’ tax defaulters in fifth list

HMRC has published its fifth public list of individuals it classes as ‘deliberate tax defaulters’ who have been subject to an investigation and found to owe more than £25,000 in tax

21 May 2014

Tax | HMRC tackles landlord tax evasion with online training

In a bid to stop tax evasion by landlords, HMRC has set up a series of online tutorials for landlords to help them understand when and how to pay tax on property they have let out

20 May 2014

Tax | Take That trio face £30m tax bill over Icebreaker avoidance scheme

Three members of the pop group Take That are among around 1,000 investors who potentially face large tax bills after HMRC won a landmark tribunal ruling on the Icebreaker partnership scheme, which the First Tier Tribunal (FTT) ruled was set up specifically to shelter over £330m from tax

12 May 2014

Tax | HMRC powers to access bank accounts risky, say MPs

The Treasury select committee has warned that proposals announced in the Budget to give HMRC powers to access taxpayers' bank accounts to recover outstanding tax debts ‘could develop into a return to Crown preference by stealth’ and required stringent oversight to prevent abuse

9 May 2014

Tax | UK charges treble average world inheritance tax rate

The UK charges the highest proportion of inheritance or estate tax compared to a basket of world economies, with the government taking three times as much of an individual’s estate as the global average

9 May 2014

Tax | Tax updates: May 2014

The latest tax news, including the decision in Shop Direct Group v Revenue & Customs ([2014] EWCA Civ 255), comment on Budget pension changes, Ex MFI owner HJ Group part wins £183m expenses of management case, and a solicitior is refused anonymity over SDLT penalty

1 May 2014

Tax | Employment updates: May 2014

The latest news on employment from reconciling employer and HMRC records for Real Time Information to missing tax codes

1 May 2014

Tax | HMRC plans to share taxpayers’ data slammed

There has been strong criticism of government proposals to allow HMRC to share anonymised taxpayers’ personal data with third parties and to charge for its use, with opponents suggesting this raises important confidentiality issues.

23 Apr 2014

Tax | Plans to go ahead with simplification of Gift Aid claims

The Treasury has published the outcome of a consultation on proposals to make it easier to claim Gift Aid using online and text messages, including options for enabling donors to complete a single Gift Aid declaration to cover all their donations

15 Apr 2014

Tax | HMRC targets taxpayers with undeclared second incomes

HMRC has launched a second incomes campaign, giving an opportunity for individuals to bring their tax affairs up to date if they have additional income that is not taxed through their main job or another PAYE scheme

9 Apr 2014

Tax | Nunn: pensions reform delivers a tax blow

The Budget is now old news as far as the headlines are concerned. The Chancellor George Osborne promised he wouldn’t give us any fireworks, and save for the nugget on pensions, he kept his word

9 Apr 2014

Tax | Case report: how the Mehjoo decision affects tax advisers

Peter Rayney assesses the implications of the Court of Appeal’s refusal to back Mehjoo’s case. The case of Mehjoo v Harben Barker [2004] EWCA Civ 358 has very important implications for the scope of the duty of care owed to clients when giving advice

8 Apr 2014

Tax | HMRC updates pension guidance on lifetime allowances

HMRC has updated its guidance on pension savings and lifetime allowance protection to reflect the introduction of individual protection 2014.

7 Apr 2014

Tax | Lords PSC group calls for HMRC to justify deterrence value of IR35

HMRC lacks sufficient information to judge whether IR35 legislation is having the intended effect and is proportionate, and needs to do more to justify retaining the IR35 rules, according to the findings of the House of Lords select committee on Personal Service Companies (PSC)

7 Apr 2014