Helen Lethaby provides your monthly update.
A tax avoidance scheme involving post-cessation trade relief under Income Tax Act 2007 s 96, which provides relief for certain payments made or events occurring after a trade has ceased, is to be blocked with effect from 12 January.
HMRC has published FAQs on employment income provided through third parties. The NIC rules came into force on 6 December 2011 and are not retrospective, HMRC said.
Consultation on the introduction of a general anti-avoidance rule appears likely to feature in the Budget on 21 March, after David Cameron backed Nick Clegg’s call for tougher action to ensure that large companies pay their ‘fair share’ of tax.
Leading tax professionals comment on the recommendations of the GAAR study group.
The government will deliver permanent reductions in spending, using the savings to fund infrastructure investment and support social mobility, HM Treasury announced in today’s autumn statement.
‘The richest home buyers in Britain are costing the country as much as £1bn a year in lost stamp duty on house sales. Research by The Times shows that wealthy British and foreign buyers of one in three houses sold for more than £1m are avoiding the 5% stamp duty.’
Tax evasion costs more than the entire health budget in each of 67 countries, according to new research published by the Tax Justice Network.