The Treasury has published its proposed next steps on tackling evasion and avoidance. James Bullock (Pinsent Masons) reviews the detail.
In response to criticism by the House of Lords Select Committee on personal service companies, HMRC has issued a report (see www.bit.ly/1xeS2XO) justifying the IR35 legislation, saying that the cost of its abolition would be £550m and that if the anti-avoid
HM Treasury has extended its consultation (see www.bit.ly/1CuWuUj) on the rules underlying the taxation of travel and subsistence expenses.
Tax-geared penalties
The meaning of ‘site’ for the aggregate levy
The case of Terrace Hill (Berkeley) Ltd provides a further insight into the distinction between trading and investment.
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Setting off losses on a trade succession
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According to HMRC statistics released last week, HMRC recovered £1.1bn tax from transfer pricing enquiries during 2013/14, which HMRC said was double the tax take of the previous year.
HMRC is to run a trial version of its agent online self-serve (AOSS) tool during April 2015. Agent volunteers are invited to sign up for the AOSS trial by 20 March 2015 via an online questionnaire.
Following consultation, the government has now put in place the final set of regulations made under powers in FA 2014 regarding promoters of high risk tax avoidance schemes.