Tax crackdown targets foreign home owners October 31, 2011 WEALTHY UK residents with foreign property will come under increased pressure to make sure their tax returns are in order, after Her Majesty’s Revenue and Customs launched a crackdown on undeclared assets. HMRC said yesterday that a new team of investigators will target around 200,000 so-called affluent taxpayers, some of whom it believes may be [...]
City of London calls in lawyers over St Paul’s campers as disruptions enter second week October 23, 2011 THE City of London has vowed to get tough with protesters camping outside St Paul’s as the Occupy LSX movement enters its second week. A crunch meeting today will see the City of London Corporation meet with representatives of the cathedral and lawyers to discuss how to close down the makeshift commune. A spokesman for [...]
Key tax ruling may hit UK non-doms October 20, 2011 INTERNATIONAL entrepreneur Robert Gaines-Cooper lost his UK residency appeal in the Supreme Court yesterday, in a case that could have repercussions for other non-domiciles facing back-dated tax bills. The court ruled in favour of HMRC that the millionaire must pay tax under UK law, despite having lived in the Seychelles since 1976. Commentators said the judgement [...]
Six million to get tax rebate as HMRC overhauls its IT systems October 20, 2011 SIX MILLION UK workers will see a total £2.5m of their tax money repaid by the government as a new IT system corrects overpayments dating back to 2003, HMRC said yesterday. The repayments will be on average about £300 per person with any interest generated on top of that, and will be returned automatically any [...]
Aberdeen to pursue tax row with HMRC October 16, 2011 ABERDEEN Asset Management is taking its long-running £8m tax dispute to a new tribunal hearing. The claim, which attempts to overturn an £8m tax ruling related to an options scheme used to compensate chief executive Martin Gilbert and other senior staff, is expected to be heard before the Upper Tax Tribunal later this month. It [...]
Taxman offers amnesty to 6,000 Swiss account holders at HSBC October 13, 2011 THE GOVERNMENT is offering up to 6,000 holders of Swiss bank accounts at HSBC a last chance to come clean with the taxman or face possible investigation that could involve a criminal probe. After being contacted by the HMRC, the account-holders will have 30 days to come forward. “Those making a disclosure will pay a [...]
Call for taxman to resign over Goldman case October 12, 2011 THE UK’s top tax collector admitted yesterday that he should not have struck a secret deal with Goldman Sachs to forgive a chunk of unpaid tax. David Hartnett was called before a committee of MPs to explain his role in agreeing a deal that saved the bank up to £10m in interest on a tax [...]
Hedge fund at war with tax man over £35m bill October 9, 2011 LONDON hedge fund Cheyne Capital is locked in dispute with HM Revenue & Customs over allegations it has failed to pay £35.3m in tax. The government agency is demanding £29.8m in pay-as-you-earn tax and has lodged a county court claim for £5.5m in national insurance contributions, according to statements in Cheyne’s accounts for the year [...]
Mistakes to avoid if you move abroad October 5, 2011 MANY people choose to leave the UK to escape, temporarily or permanently, the gloomy weather and the even gloomier tax regime. Sadly, there is a mountain of bureaucracy to wade through before setting sail for warmer climes. “It is important to differentiate between moving overseas for a short period of time and expatriating indefinitely,” says [...]
I’m a priest who works in finance. Here is my take September 29, 2011 WHILE being interviewed during the Liberal Democrat Conference, the great pious voice of our collective conscious, also known as Vince Cable, solemnly stated that the reduction of the uncompetitive taxes on the “rich” would have to wait. His reasoning was that a reduction in tax on the lowest paid would result in greater overall spending. [...]