Govt threatens crackdown on investors’ tax breaks
The Treasury has threatened to clampdown on a tax-relief system encouraging the wealthy to invest in start-up firms over fears investors are abusing the system.
The Treasury has threatened to clampdown on a tax-relief system encouraging the wealthy to invest in start-up firms over fears investors are abusing the system.
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.
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.
Intergeneration wealth disparity, tax simplification and removal of the £1m lifetime pension allowance are all addressed in a remarkable letter to the prime minister from Brewin Dolphin CEO David Nicol.
While President Donald Trump said very little on trade policy during his address to Congress on Tuesday, his ‘America First’ mantra rang clear. But where does that leave European and British exporters?
US president Donald Trump’s first address to Congress was big on sweeping nationalistic statements, short on details for his future tax and infrastructure policies.
Argentinean footballer Lionel Messi has been sentenced to 21 months in prison for tax fraud by a Spanish court after being found guilty of defrauding Spain of €4.1m (£3.5m, €4.6m) between 2007 and 2009.
International efforts to end the secrecy of offshore tax havens – seen by governments as the solution to tackling tax evasion – may lead to some undesired side-effects, according to experts in the industry.
A sophisticated operational tax function is becoming a prerequisite for asset managers, PwC said.
UK insurer Prudential has moved closer to securing a tax refund worth more than £100m ($143.4m, €126.5m) from HM Revenue and Customs (HMRC) in a long-running dispute over claims the tax office broke EU rules.
The British government has published details of its proposed new law making senior management of a financial services firm criminally liable if any member of staff facilitates tax evasion, and has called on the industry to provide feedback.