The ‘tax gap’ figures for 2012/13 showed that illegal activity costs the UK almost five times as much as tax avoidance. When it comes to reducing tax avoidance, argues Tony Beare (Slaughter and May), adverse publicity and the desire to maintain a good working relationship with HMRC are the most powerful drivers.
HMRC has issued a list of ‘10 things a tax avoidance scheme promoter won’t always tell you’ which sets out the risks that people face when they sign up to a tax avoidance scheme and includes not only the possible monetary costs and reputational damage of tax avoidance, but also a potential crimin
Continually tinkering with the DOTAS hallmarks risks impairing the original purpose of the disclosure regime, which was to gather information, writes Ashley Greenbank (Macfarlanes)
HMRC issued over 600 accelerated payment notices since August to users of marketed tax avoidance schemes, covering tax amounting to £250m. HMRC aims, by the end of March 2016, to have delivered 43,000 such notices, covering £7.1bn.
Heather Self (Pinsent Masons) asks if this the end for the ‘double Irish’ structure
The Irish finance minister, Michael Noonan, announced in his Budget statement on 14 October that the government is putting a stop to ‘double Irish’ corporate tax avoidance arrangements – such as those utilised by multinational corporations Apple and Google – by requiring all companies registered
The government will publish draft clauses to be included in Finance Bill 2015 on Wednesday 10 December 2014, in the week following the Autumn Statement. Consultation on this draft legislation will run until 4 February 2015.
Two of the BEPS deliverables that the OECD issued on 16 September indicate transfer pricing changes. These relate to intangibles and documentation. Martin Zetter (Macfarlanes) takes a look.
The European Commission has opened an ‘in-depth investigation’ over what it considers to be an ‘unorthodox’ tax deal by Luxembourg with online retailer Amazon.
HMRC is taking an increasingly aggressive approach to disputes involving CTA 2009 s 441 – the targeted anti-avoidance rule on unallowable purpose. Those with genuine commercial borrowing, however, should stand firm, argues Heather Self (Pinsent Masons)