Why the abolition of the pensions death tax is great news for savers September 29, 2014 George Osborne had more good news for retirees and savers yesterday, as he brought forward the announcement that he is abolishing the 55 per cent tax charge applied to some people’s pensions on their death – the so-called pensions death tax. Coming into force in April 2015, and on top of previous pensions liberalisation, the [...]
Margaret Hodge hops off HMRC tax roller coaster after bump with motorbike September 17, 2014 Labour MP Margaret Hodge failed to appear at the launch of a book by BDO partner Daniel Dover last night, pulling out as guest speaker at the last minute. Hosts BDO were given little explanation as to why the chair of the Public Accounts Committee wouldn’t be turning up to talk tax, undeniably her favourite [...]
Sportech share price slumps as HMRC seeks £93m in back taxes after Spot the Ball game debacle September 16, 2014 Sportech is told to give HMRC £93m in back taxes after its Spot the Ball game was ruled as a game of skill not chance. International gaming group Sportech was told yesterday that it must pay back £93m in tax after HM Revenue & Customs (HMRC) won its appeal against a VAT overpayment. The Liverpool-based [...]
City Moves for 12 September 2014 | Who’s switching jobs September 11, 2014 Lend Lease The property and infrastructure group has appointed Paul King as managing director of sustainability for its European region. He will join in February 2015 from the UK Green Building Council, where he is chief executive. Zeus Capital Adam Pollock has been appointed head of corporate broking at the investment bank. He joins from [...]
Taxman’s revolution: HMRC is setting the pace in digital government reform September 8, 2014 JUST like innovative private sector organisations, the government, as a provider of services to the nation’s citizens, needs to reflect and respond to the changing demands of those it serves. This is especially relevant to Her Majesty’s Revenue and Customs (HMRC), which must provide effective, efficient and impartial services to its 41m individual and 5m [...]
Banks warn that HMRC won’t protect most vulnerable in tax grab plan August 16, 2014 The head of the British Bankers' Association (BBA) has sent a letter to chancellor George Osbourne, warning him that British banks do not believe HM Revenue & Customs can be trusted to fairly and safely take money out of tax payers' bank accounts. Controversial proposals outlined by the chancellor during his budget speech in [...]
Inheritance tax to be targeted in HMRC crackdown August 10, 2014 Her Majesty's Revenue and Customs (HMRC) is getting ready to crack down on voidance schemes targetting inheritance tax. As it becomes more difficult to plan for other types of tax, the HMRC is looking to make sure that substantial amounts of taxable inheritance aren't slipping through the cracks. The rules regarding the disclosure of inheritance [...]
Osborne announces plans to explore the future of Bitcoin August 6, 2014 George Osborne has announced plans to explore how cryptocurrencies such as Bitcoin can play a role in the UK financial system. The chancellor has commissioned the Treasury to produce a report on digital currencies, examining their potential benefits and risks, which is set to be published in the Autumn. Osborne said he aims to make the UK [...]
You’re now guilty until proven innocent if the taxman decides to visit August 3, 2014 For weeks, concerns have been mounting across the UK about a tidal wave of shock tax demands about to hit tens of thousands of individuals and businesses – and with good reason. Now that the Finance Bill 2014 has received Royal Assent, HMRC has two new weapons it can use against those it believes have [...]
Cut unemployment benefits for immigrants, but don’t cut immigration August 1, 2014 Prime Minister Cameron should be applauded for his plan to halve the length of benefits for unemployed immigrants down to three months. When a government allows immigrants to collect benefits without employment, it essentially pays someone to live off taxpayer dollars without contributing to the economy. But in Britain this is not generally the case. [...]