HMRC wins “big tax” case against Rangers November 4, 2015 HM Revenue and Customs (HMRC) has won a judgement ruling that Rangers broke tax rules with its use of Employee Benefit Trusts (EBTs) between 2001 and 2010. Three judges at the Court of Session in Edinburgh upheld HMRC's second appeal and ruled that under former owner Sir David Murray Rangers used now-outlawed EBTs to pay [...]
Public Accounts Committee: Taxpayers still being let down by HMRC, with low levels of prosecutions for tax evasion November 4, 2015 HM Revenue & Customs (HMRC) is still failing UK taxpayers, the Public Accounts Committee (PAC) has argued in a report released this morning. Although PAC’s Sixth Report of 2015-16, which examines how HMRC performed during 2014-15, praises the UK’s tax authority for increasing taxes collected while cutting running costs over the last five years, it [...]
Association of British Insurers: Sales of annuities have picked up despite new pension freedoms November 3, 2015 Annuity sales rose to 22,380, worth £1.17bn, during the third quarter of 2015, the first time quarter-on-quarter sales have risen for three years, the Association of British Insurers (ABI) revealed at its Biennial Conference today. By comparison, annuity sales for the second quarter of 2015 where 18,200, worth £990m. Figures from the ABI also revealed that [...]
UK pensions: Almost £3bn withdrawn from pension savings pots since April this year, HMRC reveals October 28, 2015 HMRC announced today that 251,000 flexible payments from pensions, totalling £2.7bn, had been made since the pension freedoms rules came into effect in this April. In the last six months, 146,000 people have made a withdrawal from their pension under the new rules. The figures also showed that the number of people taking flexible payments [...]
Entrepreneurs need a stable tax policy landscape to thrive October 28, 2015 THE cut and thrust of politics may not matter all that much to entrepreneurs. But policies certainly do – particularly those related to tax. Some have been a boon for businesses: Entrepreneurs’ Relief and the Enterprise Investment Schemes (EIS) have been particularly welcome. The former grants entrepreneurs a 10 per cent tax rate on [...]
Hipsters sending Britain’s wine producers soaring October 27, 2015 The number of new UK wine producers is flying – and it’s all down to your friendly neighbourhood hipster. The HMRC received 65 applications from budding wine producers last year – up 41 per cent from the 46 applications that came in the year before. Looking back, the figure has doubled in the past two [...]
MPs reject a tampon tax bill calling for a reduction in the rate of VAT on women’s sanitary products October 26, 2015 Eurosceptic Tory MPs joined forces with Labour and the SNP in a surprising alliance last night to try to force the government to cut taxes on women’s sanitary products. The coalition failed with MPs rejecting The Finance Bill amendment, which would have forced a negotiation with the EU to reduce VAT rate, by 305 to 287 votes. HM Revenue and Customs [...]
UK wine-production keeps gaining in popularity, with a 41 per cent increase in new labels October 26, 2015 It's been a vintage year for UK wine-makers, with 65 new producers registering with HMRC up 41 per cent from last year. There are currently 470 commercial vineyards in England and Wales, mainly producing sparkling wine as our slightly-damp climate and chalky soil is similar to conditions in Champagne. The growing numbers – more than [...]
UK smugglers’ gold jewellery could fetch £2.5m at action next week in Belfast October 25, 2015 Almost 150 kilos of smuggled gold jewellery, worth more than £2.5m, is set to be auctioned off next week. HMRC seized the loot in 2012 from a gang trying to smuggle it into the UK, as part of a £9m plot. The haul includes Asian gold rings, bangles and necklaces, along with a statue and [...]
Thousands of self-employed people facing HMRC fines for late tax returns, say accountants October 23, 2015 Thousands of self-employed Londoners face fines of up to £1,600 at the start of next month for failing to file their tax returns on time, according to City accountants Perrys. Last year approximately 700,000 people in the UK missed the government’s 31 October submission deadline. This year, the fines are estimated to hit as many as 890,000 people. And with 680,000 London workers registered [...]