Vodafone isn’t avoiding UK tax on the sale of its stake in Verizon Wireless September 3, 2013 THE screams of rage, as the statists realise they’re not going to get any money from the sale of Vodafone’s stake in Verizon Wireless, have become deafening. We’ve even seen UKUncut insist quite seriously that £84bn of tax is being avoided (£84bn is the total transaction size, not the profit or the tax). But the [...]
What the other papers say this morning – 03 September 2013 September 2, 2013 FINANCIAL TIMES Dering Capital leads race for TDF Blackstone Group’s former top executive in Asia has emerged as the leading contender to buy the French assets of Europe’s largest telecoms tower operator TDF in a deal worth up to €3.8bn (£3.22bn). Dering Capital, started by Ben Jenkins after he left the US private equity group [...]
Premier League return will benefit more than just well-paid players August 15, 2013 THE PREMIER League returns tomorrow. Although most of us will be interested in the quality of the football on offer, the amounts of money involved are no less significant. It’s Europe’s highest revenue-generating league by a margin of over €1bn (£850m), with combined club revenue of over £2.3bn in 2011-12. But while players continue to [...]
Spanish prime minister sets ambitious target for tax reform programme August 9, 2013 Spanish prime minister Mariano Rajoy has set an ambitious target for the implementation of the country's tax reform programme – the end of March 2014. The reform programme was announced at the end of April this year, aimed primarily at increasing competitiveness and flexibility in the Spanish economy and getting rid of "bottlenecks". The priorities [...]
HMRC catches just two of 20 most wanted tax evaders in a year of searching August 9, 2013 HM Revenue & Customs has published the names and photographs of the most wanted tax-dodgers in the UK. Ten new names have been added to the list this year (above), although just two of the original 20 (below) have been caught and one prosecuted. The tax authority published the data on its Flickr page. The [...]
Tax evasion push hits middle class August 4, 2013 MIDDLE class professionals are feeling the force of the law as the taxman aims for smaller targets. The number of prosecutions for tax evasion doubled over the last year, figures released today show. Growing political pressure led to the crown prosecution service bringing 617 tax evasion prosecutions in the 2012-13 financial year, up from just [...]
HMRC poaches Vodafone IT head August 2, 2013 HM Revenue & Customs has appointed Vodafone UK’s chief information officer (CIO) Mark Dearnley into the equivalent role at the British tax administrator after receiving approval from the Prime Minister. Dearnley, who has been CIO at Vodafone UK since 2010 and held similarly senior positions at Cable & Wireless and Boots (helping to set up [...]
Inmarsat sees HMRC enquiry July 28, 2013 TAX COLLECTORS are locked in dispute with satellite company Inmarsat over a $65m (£42m) tax benefit it received five years ago. The company said Her Majesty’s Revenue and Customs had made enquiries over a portion of a $218.6m tax boost for the year ending 2008. “Management does not believe that a material economic outflow is [...]
What the other papers say this morning – 22 July 2013 July 21, 2013 FINANCIAL TIMES Deutsche Bank set to shrink Deutsche Bank plans to shrink its vast balance sheet by as much as a fifth in order to comply with incoming stricter rules for financial soundness. In a big strategic step by Germany’s largest lender by assets, Deutsche is expected to tell investors that it aims to achieve [...]
Taxman ramps up search for international bank information July 21, 2013 HER MAJESTY’S Revenue and Customs (HMRC) is increasingly asking overseas governments for information on accounts held outside of the UK. The tax collectors are making more requests for information to overseas territories and crown dependencies of the UK, with 26 per cent more made in 2012 than 2011. The figure has more than doubled since [...]