Criticism of HMRC’s failure to prosecute HSBC Swiss tax evaders has been quite unfair, writes Jonathan Fisher QC (Devereux Chambers). There are problems with criminal prosecution and the decision to focus on tax collection through civil settlement is the right one. It makes little sense to criminally prosecute these cases.
Following the censure HMRC received over the HSBC ‘Swiss leaks’ before the Public Accounts Committee on 11 February, as well as further press criticism, HMRC issued a statement on when and how it came by the leaked HSBC Suis
HMRC has defended its record in recovering tax on undeclared Swiss bank accounts through the tax agreement with Switzerland, which came into force in January 2013. The agreement was signed in 2011, following information leaked by a Swiss bank employee on hidden accounts (the ‘Lagarde list’).
Amyas Morse, head of the National Audit Office (NAO), has said that: ‘HMRC is among the strongest government departments in terms of managerial competence and its robustness in managing the risks to its essential function of tax collection.’ However, Morse warned that the department now faces ‘so
The UK is rushing through a new tax which overrides a longstanding international principle. Is that wise, asks Mark Bevington (Baker & McKenzie)
Practical clarity is needed on when HMRC is bound by its own guidance. A recent discussion paper is a useful starting point for timely debate, writes Rupert Shiers (Hogan Lovells)
A bumper self-assessment season is needed to put the public finances back on track, as David Smith reports
Taxes which collect less than £5bn per annum should be challenged annually, with a view to their repeal or merger with other taxes, says the Institute of Directors (IoD). These taxes include stamp duty on shares (raising £3bn), air passenger duty (£3bn), CGT (£5bn) and IHT (£5bn).
Tax penalties also under review
The Office for Tax Simplification (OTS) has published its final report and recommendations on the taxation of partnerships.