INVESTIGATIONS

As announced at Autumn Statement, HMRC is now consulting until 12 March 2015 on a new power, enabling HMRC to achieve early resolution and closure, including payment, in respect of one or more aspects of a tax enquiry, whilst leaving other aspects of the tax enquiry open.

James Bullock examines HMRC's consultation on closure rules and finds the proposals amount to a staggering 'inequality of arms'.

Hey, a new tax. As a tax adviser, that sounds like pretty good news. (Shame it is so bad for the country, but that's politics for you).

The NCA and the raising of discovery assessments

HMRC’s latest voluntary disclosure campaign – the solicitors tax campaign – is aimed at solicitors, whether practising alone, in partnership, or in a company.

Practitioner views on the Autumn Statement:

• Helen Lethaby (Freshfields Bruckhaus Deringer) examines the impact on big business;
• Simon McKie (McKie & Co) reviews the private client perspective;
• James Bullock (Pinsent Masons) considers enforcement and compliance issues;
• David Whiscombe (BKL Tax) assesses the impact on SMEs;
• John Whiting (OTS) gives the Office of Tax Simplification’s view; and
• John Hawksworth (PwC) provides an economic perspective.

The National Audit Office (NAO) has published a report finding that many tax reliefs, cost more than expected and are used in ways either not intended by Parliament, or without bringing about the intended behaviour change.

The Public Accounts Committee (PAC) released its 18th report of the 2014/15 parliamentary session on Tuesday, titled HMRC’s progress in improving tax compliance and preventing tax avoidance.

The International Consortium of Investigative Journalists (ICIJ) has published leaked documents setting out tax deals that some of the world’s largest multinational corporations struck with Luxembourg.