The Treasury published minutes of the 30 July meeting of the ‘CFC interim improvements’ working group, slides outlining the aim and scope of the interim improvements, and details of the group’s approved terms of reference.
Penalties: effect of agreement under Civil Procedure Rules
HMRC has revised the guidance on its Spotlights page to make it clear that schemes disclosed under the DOTAS regulations are not HMRC approved.
Transfer pricing enables some companies with overseas ownership to gain an unfair advantage, some participants in a recent survey of larger businesses observed.
‘There's absolutely no question of HMRC softening its approach to tackling avoidance, and HMRC will continue to ensure that everyone pays the right tax,’ a spokesman told Tax Journal after reports suggested that tax officials were to take a softer stance on avoidance.
Big Four firms accounted for 92 of the 177 disclosures of schemes promoted by accountancy firms in the two years to 30 September 2009, according to figures released by HMRC following a ruling by the Information Commissioner.
A workshop to be hosted by the Treasury and HMRC early next month will explore issues arising from ‘informal’ discussions following the Government’s commitment to consider the merits of a general anti-avoidance rule.
Patrick Cannon on IHT avoidance
The US has and the UK is considering enacting an anti-avoidance statute. Don Korb and Aditi Banerjee provide a comparison of both countries’ anti-avoidance case law which may be useful in understanding these rules
Richard Clarke and Jessica McLellan explain why any taxpayer with current cross-border activities should be aware of the new penalty regime for offshore funds