HMRC have invited comments on draft amendments to Offshore Funds (Tax) Regulations, SI 2009/3001.
A proposed change to the provision for equalisation was announced last December.
Plumbers, gas fitters, heating engineers and ‘members of associated trades’ who sign up to a new disclosure facility and pay outstanding tax liabilities are to be offered a reduced penalty.
HMRC have written to taxpayers who may be liable to pay tax at 50% for 2010/11 but have not had sufficient tax deducted under PAYE, to ‘enable them to arrange their finances’ to cover any underpaid tax that will be due on 31 January 2012.
The UK/Liechtenstein tax information exchange agreement signed in August 2009 entered into force on 2 December 2010, HMRC announced.
Deferred bonus arrangements meeting certain conditions are to be excluded from proposed measures to tackle income tax and NIC avoidance by means of ‘disguised remuneration’.
The landscape in a key area of UK tax policy is set to change ‘for ever’, a KPMG tax expert said after the European Commission announced that it has formally asked the UK to amend two anti-avoidance regimes.
Dave Hartnett explains the new penalties for tax evasion
Several countries are tackling aggressive tax planning through improved transparency and disclosure, the OECD said.
A new report sets out a range of approaches, from mandatory disclosure to forms of ‘co-operative compliance’.
The Registered Pension Schemes (Provision of Information) (Amendment) Regulations, SI 2011/301, and the Registered Pension Schemes (Accounting and Assessment) (Amendment) Regulations, SI 2011/302, make changes to the information about individuals which a scheme administrator is required to repor
The Social Security (Contributions) (Amendment) Regulations, SI 2011/225, provide that certain expenses paid to MPs are disregarded in calculating earnings chargeable to class 1 national insurance contributions, in order to align the tax and NIC treatment of MPs’ expenses.