Confusion over tax regime is damaging UK February 24, 2010 ON Monday, the prime minister released a draft Tax Framework for Business at a global trade conference, apparently aimed at reassuring multinationals, worried about the UK’s tax policy. The problem with this framework is that it offers no guidance at all on the direction of travel. Rather, its statements are a mixture of vague aspirations [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 23, 2010 FINANCIAL TIMES USAF STARTS BID TO REPLACE AGEING TANKERS The US Air Force will attempt to kick-start its long-delayed, multi-billion dollar competition to replace its ageing fleet of refuelling tankers this week with a new set of bidding rules. It promises the competition, mired in controversy for more than six years, will be “full and [...]
AstraZeneca agrees to pay £500m in HMRC settlement February 23, 2010 ASTRAZENECA has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
AstraZeneca settles £505m tax dispute February 23, 2010 AstraZeneca has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the Government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
AstraZeneca settles £505m tax dispute February 23, 2010 AstraZeneca has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the Government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
UK tax exiles under threat February 17, 2010 Thousands of UK tax exiles may face large tax demands after an entrepreneur lost a bid to overturn a decision by the taxman to hit him with a £30m bill. Millionaire Robert Gaines-Cooper lost an appeal against a ruling by HM Revenue & Customs (HMRC) that he was liable to pay UK tax despite his [...]
ANALYST VIEWS: WILL MORE UK TAX EXILES HAVE TO PAY TAX AFTER THIS RULING? February 17, 2010 SEAN DURY | PRICEWATERHOUSECOOPERS We expect increasing movements of employees out of the UK. While companies may take some comfort from the viewpoint of the courts, the withdrawal of IR20 in April 2009 and only draft guidance in place since means terms around the meaning of residency in the UK are unclear. TINA RICHES | [...]
Affluent tax dodgers pay out £373m as HMRC tightens net February 16, 2010 HM REVENUE & Customs’ (HMRC) crackdown on wealthy tax evaders is gathering pace after investigators clawed back £373m last year, an increase of 21 per cent on 2008’s haul. Hedge fund managers and investment bankers were among those targeted by HMRC teams who examined the affairs of more than 50,000 people earning in excess of [...]
Two offers push Portsmouth survival bid into extra time February 10, 2010 PORTSMOUTH pulled off their most significant victory of the season yesterday when they succeeded in obtaining an extra seven days to fight a winding-up order. The Premier League’s bottom club, who have debts of around £60m, were granted more time to prove they can afford to pay creditors at a hearing at the High Court. [...]
Portsmouth given stay of execution February 10, 2010 PORTSMOUTH have been given seven days to provide documents proving they can pay their creditors. The club now have until 4pm on 17 February to file a “statement of financial affairs” or face going out of business. Her Majesty’s Revenue and Customs (HMRC) took Portsmouth to court over an unpaid tax bill of £7.4m. They [...]