Liechtenstein sets the pace on tax March 15, 2010 OFFSHORE banks have provided a tax-free haven for wealthy investors’ cash for more than 70 years. But as HM Revenue & Customs steps up its pursuit of British account holders, several international banking centres are considering following Liechtenstein’s lead in brokering an anonymous amnesty between the UK authorities and individuals with undeclared money stashed offshore. [...]
Chester are liquidated by HMRC March 10, 2010 CHESTER CITY were wound-up by the High Court yesterday, although Cardiff City and Southend United were handed lifelines. Blue Square Premier side Chester owed HM Revenue & Customs £26,125 in unpaid taxes and were liquidated after 126 years in existence. But a fans group have vowed to resurrect the club by setting up a ‘phoenix’ [...]
Employers swap bonuses for tax-free pensions March 9, 2010 REMUNERATING high earning employees in a tax efficient way has always been difficult, and the recent interest in bonuses has made it even more tricky for employers. The introduction of the 50 per cent rate of taxation on those earning over £150,000 has also spurred many to look at ways to protect its high earners. [...]
Portsmouth make claim for Cup cash March 8, 2010 DEBT-RIDDEN Portsmouth may be forced to make a special representation to the Football Association in order to keep the receipts from their storming FA Cup run. The cash-strapped club became the first in Premier League history to enter into administration last month after accruing debts in the region of £70m. Yet despite that, boss Avram [...]
Portsmouth handed new date after adjournment March 2, 2010 PORTSMOUTH will be back in the High Court later this month after the case brought against them by Her Majesty’s Revenue and Customs was adjourned yesterday. HMRC chiefs challenged the club’s decision to go into voluntary administration last Friday and also questioned the validity of Andrew Andronikou’s appointment as administrator. It was suggested that Andronikou, [...]
Portsmouth back in court after HMRC challenge March 1, 2010 DEBT-RIDDEN Portsmouth are due before the High Court again today after it was revealed Her Majesty’s Revenue and Customs had challenged their decision to go into voluntary administration. The Premier League club entered administration on Friday after failing to clinch a last-ditch takeover deal before yesterday’s scheduled winding-up order. Administrator Andrew Andronikou was informed of [...]
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 [...]