The risks here are major embarrassment to the ChX, HMRC, the LBS, you and me, not least if GS withdraw from the Code
‘ChX’ = 
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Social media strategy is more of an art than a science, as HM Revenue and Customs was busy proving Monday morning as it tried to encourage people to file their taxes online by the end of next month… Read more
Early viewers of what promises to be a trashy little mini-series with a stale mix of guns, drugs, sun-soaked beaches and tax cops, were left with one stand-out question on Friday:
Does HSBC really have just 4,388 Brits holding offshore accounts on this Channel island? Read more
Over the weekend, we were treated to (even more) pre-announcements about what’s going to be in this year’s budget in the UK. FT Alphaville’s interest was piqued by Chancellor George Osborne’s proclamations that there would be an end to stamp duty land tax avoidance schemes. The levy is currently up to 5 per cent on the purchase of a residential property.
To begin with, how are people avoiding stamp duty? What sort of structuring is involved? Read more
The row over a tax deal struck between Revenue & Customs and Goldman Sachs took a fresh twist after the FT confirmed suspicions that the UK tax authority had not pursued the investment bank for payment of £10m in interest relating to a long-running legal dispute over bonuses, reports the FT. Anger over the handling of high-profile disputes is expected to lead to demands for far-reaching reforms of how the Revenue settles arguments over tax avoidance by big business when Dave Hartnett, HMRC’s top tax official and Sir Gus O’Donnell, head of the civil service, appear before MPs at a hearing of the public accounts committee on Monday. Allegations that HMRC reached a “sweetheart” deal with Goldman which deliberately waived the interest due on a bill for National Insurance contributions have sparked widespread anger and calls from protesters for the resignation of Mr Hartnett. Read more
A controversial tax deal between Goldman Sachs and HM Revenue & Customs, which saw the investment bank agree a settlement that reportedly saved it millions of pounds in interest, could face a challenge in the High Court, the FT reports. Leigh Day, the law firm, acting on behalf of action group UK Uncut Legal Action has written to HMRC threatening legal action in the form of a judicial review if the tax deal reached between HMRC and Goldman Sachs in December 2010 is not quashed. The so-called “letter before claim” – the first step in the legal process – gives HMRC 14 days to quash the settlement and reconsider any agreement with the US firm. Leigh Day will consider HMRC’s response and plans to issue formal legal proceedings if the settlement is not quashed. HMRC said in a statement: “We are confident that our handling of large business tax settlements means large businesses are paying the right tax. Read more
Right, here it is. The headline-grabbing news (as expected) is that insurance companies, asset managers and stockbrokers will be exempt from the banker bonus tax.
That’s right, all non-banker financial types in the UK will escape with their bonuses intact this year. Read more
1'Collectively, humanity has yawned and decided to let the dangers mount'
2Man walks into a gold bar. Au!
3The end of QE?
4FT Alphaville is hiring again
5Rise of the funding altruists
Show more6Bird, plane, Abe
7The persistent supply-side constraints in US housing
8That sighing sound you hear from China
9Bove vs Bloomberg, redux
10Risk goes on, Risk goes off
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