17/10/2014

0 Comments

Tax gap figures increase pressure on HMRC

The UK’s tax gap in 2012/13 was 6.8% of tax liabilities or £34bn, according to HMRC’s latest estimate. The estimate for 2011/12 was reduced from £35bn to £33bn, or 6.6%, reflecting “continued improvements in reporting and updated data”. “The long-term trend is downward, with the tax gap falling from 8.5% in 2005/06, HMRC said. Read […]

Continue reading...

17/10/2014

0 Comments

Tax debts: HMRC denies sidestepping the courts

An increasing focus on HMRC powers of enforcement “without third party supervision” is undermining the ability of taxpayers with a genuine dispute to stand up to the tax authority, according to Chartered Institute of Taxation president Anne Fairpo. There can be no dispute that HMRC needs to enforce tax debts, Fairpo told CIOT members attending […]

Continue reading...

17/10/2014

0 Comments

Ireland retains focus on tax competition

The phased abolition of the controversial “double Irish” tax scheme and introduction of a new tax relief for intellectual property will enhance Ireland’s corporate tax regime and align it with best practice internationally, Ireland’s finance minister Michael Noonan said yesterday as he delivered his Budget 2015 proposals. Noonan published A Road Map for Ireland’s Tax […]

Continue reading...

17/10/2014

0 Comments

MPs ask HMRC to justify taxpayer confidentiality

There is “extremely overwhelming” evidence that ending taxpayer confidentiality would result in a loss of tax revenue, HMRC’s tax assurance commissioner has told MPs. But Treasury Committee chairman Andrew Tyrie asked Edward Troup this morning to investigate, and provide the committee with “a thorough and robust exemplification” to support the argument. Troup is responsible for […]

Continue reading...

17/10/2014

0 Comments

Treasury sets date for draft Finance Bill

Draft Finance Bill clauses will be published on 10 December together with responses to policy consultation, explanatory notes, tax information and impact notes and other documents, David Gauke has announced. Consultation on the draft legislation will be open until 4 February 2015. “The government’s approach to developing tax policy emphasises the benefits of policy consultation […]

Continue reading...

17/10/2014

0 Comments

Major parties oppose corporation tax devolution

The three major UK political parties agree that corporation tax should not be devolved to Scotland to avoid the risk of a “race to the bottom”, the Financial Times reported after the UK government published the parties’ proposals for devolution of further powers to the Scottish Parliament. Last month David Cameron established the Smith Commission, […]

Continue reading...

06/09/2014

Comments Off

Lib Dems ‘push for early Budget’

Senior Conservatives are set to reject a Liberal Democrat proposal to bring forward the next Budget to mid-February, BBC News has reported. Such a move could squeeze the timetable for consultation on the draft Finance Bill measures expected to be published in December. A relatively short Bill may be presented in the run-up to the […]

Continue reading...

04/09/2014

Comments Off

FTSE 350 group wins Fair Tax Mark

Go-Ahead, the bus and rail operator, has become the first FTSE 350 company to be awarded the Fair Tax Mark, an accreditation scheme devised by a team of tax campaigners led by Richard Murphy. The Go-Ahead group employs 23,000 people in the UK and operates the Southern, Southeastern and London Midland franchises. It won the […]

Continue reading...

04/09/2014

Comments Off

Changing horses: Key features of the incorporation and disincorporation reliefs in TCGA 1992

Capital gains tax incorporation relief, “rollover relief on transfer of business”, has been around for a long time. In contrast, disincorporation relief was enacted only last year, when the government estimated that around 610,000 companies, about 40% of those in the UK, would be eligible for relief against corporation tax on chargeable gains. In each […]

Continue reading...

04/09/2014

Comments Off

Osborne sets date for autumn statement

George Osborne will deliver his autumn statement on Wednesday, 3 December 2014. The autumn statement provides an update on the government’s plans for the economy, based on the forecasts provided by the Office for Budget Responsibility. Read more at AccountingWEB.

Continue reading...
Follow

Get every new post delivered to your Inbox.

Join 1,621 other followers