The proposed treatment of disguised remuneration for national insurance contributions purposes would impose ‘impossible and unreasonable obligations’ on employers, according to the ICAEW Tax Faculty.
Accountancy firms were responsible for 67 of the 113 direct tax disclosures made to HMRC under the disclosure of tax avoidance schemes regime during the year to 31 March 2011, according to figures released in response to a freedom of information request.
Detailed proposals for reform of the controlled foreign companies regime do not reflect the government’s ‘high level aims’, according to the Chartered Institute of Taxation.
There is a strong argument for pumping extra funds into HMRC’s efforts to reduce the tax gap, according to a leading firm of accountants and business advisers.
The First-tier Tribunal has finally given a decision on the loan relationships unallowable purpose test, 15 years after its introduction. Matthew Hodkin discusses whether it was worth the wait.
The tax gap was £35bn in 2009/10, according to HMRC’s estimate released today. The department has revised its £42bn estimate for the previous year to £39bn.
An avoidance scheme in which the recipient of a manufactured overseas dividend (MOD) seeks a credit for UK income tax where ‘no actual UK income tax has been paid’ is to be blocked with effect from 15 September.
Estimating the tax gap provides an important tool in understanding the causes of non-compliance and helping HMRC to focus on ways of reducing it, Dave Hartnett told the Treasury Sub-Committee yesterday.