Top MP hits out at Barclays tax dodge claims September 5, 2012 BARCLAYS’ evidence to the Treasury Select Committee of MPs on tax avoidance measures directly contradicts that given by the chancellor, the committee’s influential chairman Andrew Tyrie declared today, demanding an explanation from the bank. HM Revenue and Customs retrospectively clamped down on the bank in February after it reduced its tax bill by roughly £300m [...]
Foreign firms get no special tax treatment, say lawyers August 27, 2012 FOREIGN-OWNED firms are linked to almost half of HMRC’s investigations into large companies’ tax bills, according to lawyers. Pinsent Masons reckons the figures rubbish claims that revenue-collecting authorities adopt a light touch approach to chasing inwardly investing companies for their tax contributions. HMRC investigates levels of tax that the 770 largest businesses in the UK [...]
Taxation shouldn’t be determined by subjective opinions of fairness August 27, 2012 THE Treasury’s latest consultation – Ensuring the Fair Taxation of UK Residential Property Transactions – has just closed. We responded to it, and disagreed not only with the substance of the policies, but also the way in which the consultation was framed around the vaguest of concepts: “fairness”. The main proposal is for a graduated [...]
HMRC accused of recruiting a child tax army August 16, 2012 OFFICIALLY, the aim of the HM Revenue and Customs “tax matters” campaign is to make children grow into better citizens, teaching them the basics of the tax system and the purpose behind it, as well as a greater sense of civic responsibility. It even covers the basics of how to pay tax and national insurance [...]
What the other papers say this morning August 15, 2012 FINANCIAL TIMES Barrick Gold explores Africa sale Canadian miner Barrick Gold has been exploring a sale of its 74 per cent stake in African Barrick, the London-listed gold producer, in a move that could prompt a full takeover. Barrick has been working with UBS to consider its options for African Barrick, which the Canadian miner, [...]
The new top brass at HM’s Revenue has a taxing task August 15, 2012 THE top rank of HMRC is changing. Edward Troup has taken up his new post as tax assurance commissioner, responsible for advising Treasury ministers on shaping UK tax policy. He has considerable tax experience, both in the public and private sectors. But the job has never been more challenging. The UK faces pressure to improve [...]
Informants on tax earn £1m July 30, 2012 MORE than £1m has been paid out in rewards for informing on tax evasion in the UK since the financial crisis began in 2008. Payments from HM Revenue & Customs (HMRC) to informants rose by more than a fifth to £374,000 in 2011-12, compared with the previous financial year, figures released to the investigative website [...]
HSBC is facing new questions on tax evasion July 30, 2012 HSBC yesterday faced further questions about its compliance procedures following allegations that British customers of its Swiss private bank may have evaded at least £200m of tax. HM Revenue & Customs (HMRC) is investigating account holders at HSBC Private Banking Holdings (Suisse) and has secured one conviction for tax evasion. But the Bureau of Investigative [...]
QC accused in VAT fraud case July 26, 2012 A SENIOR London barrister was yesterday accused of failing to pay £600,000 in tax. The Crown Prosecution Service (CPS) is prosecuting Rohan Pershad QC, of 39 Essex Street chambers, for unpaid VAT between 1 June 1999 and 24 September 2011 – taxes charged on services he provided as a barrister. Pershad, who was only made a [...]
Q and A July 26, 2012 DIRECTOR, DOUGLAS AND GORDON Q I’ve had my property on since March and, after the Budget, knocked £350,000 off the price to get under the £2m SDLT bracket. I’ve still not sold. What are my options, given I can’t afford to go lower? A No comfort here but many sellers are in the same situation. [...]