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Talking points, 16 May 2014

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‘No serious and even moderately sophisticated investor, or one with a competent adviser, genuinely seeking a profit, even one willing to engage in a high-risk venture, but unmindful of any possible tax advantage, would rationally have chosen an Icebreaker partnership.’

Judge Colin Bishopp in Acornwood and others v HMRC.

‘“Work on [moving HMRC’s manuals’ website] will sit partly with HMRC internal and partly with the team” – because that’ll go well.’

Tax barrister (and new CIOT president) Anne Fairpo on Twitter expressing scepticism about HMRC’s proposals to move its manuals.

‘It’s true that automatic exchange of information may impose new costs on businesses. But it’s better to have one standard than a range of different reporting requirements like FATCA imposed by different countries.’

Masatsugu Asakawa, chair of the OECD’s Committee of Fiscal Affairs and deputy vice minister of the Japanese Ministry of Finance, speaking at the G20 tax symposium in Japan on 10 May.

‘People who owe HMRC £1,000 or just over may simply be people on low incomes or low wages who have come into difficulties and are in debt not only to HMRC but also to others, notably public utilities. To let HMRC raid their bank accounts … would be to flout the rule of law in a manner unworthy of a public service body. It is not the same as seizing physical goods, it is depriving the debtor of the very means to live.’

Written evidence from the CIOT on HMRC’s proposals for direct recovery of debts.

Issue: 1216
Categories: In brief