HM Revenue & Customs must urgently set out a coherent plan and demonstrate it is fit for the future as it struggles to cope with its ever-growing workload and limited resources, the UK’s public accounts committee said.
In its ongoing fight against tax evasion, HM Revenue & Customs has revealed its top 10 tax fraud and organised crime cases of 2017. The list includes people with offshore accounts, a would-be spy, millionaires, accountants and data thieves. All cases came with large prison sentences.
Demand for venture capital trusts (VCTs) is expected to rocket this year after HMRC revealed fundraising in 2016/17 hit a 10-year high.
Advisers who enable abusive tax avoidance schemes face penalties that will take into account “relevant considerations”, draft guidance from HM Revenue & Customs revealed on Friday.
Cash ISAs are on the wane while the amount of money pumped into stocks and shares ISAs is growing, but why is this and who is responsible?
HM Revenue & Customs claims that of the 26 litigation decisions in 2016/17 where tax avoidance was involved, 22 of them (86%) went in its favour.
The government has revived plans for a ban on pension cold calling with a promise of new legislation after the original plan was dropped owing to the snap general election.
British investment advisory group Ingenious Media said it will appeal an August 2016 Tax Tribunal ruling on the status of its film production partnerships which date back as far as 2002 and involve many famous actors and footballers.
A film scheme that counted David Beckham, Wayne Rooney and Gary Lineker among its investors has lost a court challenge to overturn a £700m ($899m, €802m) tax bill.
HM Revenue & Customs has reported a significant rise in the number of British savers breaching the lifetime pension allowance (LTA) over the past year, collecting £126m ($163m, €146m) in additional tax revenue between 2015/16.
Tax advisers and accountants in the UK who help clients avoid paying tax could face fines of 100% of the tax avoided, according to new proposals being considered by HM Revenue and Customs (HMRC).
A group of financial advisers and accountants have been found guilty of operating a fraudulent tax avoidance scheme to scam the HM Revenue and Customs (HMRC) out of £100m (£145m, €128m), the UK tax office has revealed.
