The British tax authority, HMRC, pushed out the following on Wednesday:
A senior London bank executive has been arrested on 3 July 2013 on suspicion of tax fraud.
HM Revenue and Customs (HMRC) investigators carried out the arrest of a 63-year-old man at a residential address in London this morning. The suspected fraud concerns a personal tax return, and is not related to the person’s employer.
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
And so to HMRC to examine the UK’s “tax gap” — the difference between tax actually collected and the tax that could theoretically be collected. Click to read.
The ‘gap’ in Britain is put at £32bn. 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.
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.
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
HM Revenue & Customs either has a very one-track mind or an especially dismal outlook on banks.
From the department’s newly-released code of practice for the banking sector: Read more