Patricia Mock, Mark Groom, Stephen Barnfield and Donna Huggard (Deloitte) summarise the main tax changes which came into effect this month.
Chairman of the Commons Treasury Committee Andrew Tyrie MP is concerned that taxpayers are still ‘on the hook’ for the costs of banks’ misconduct.
The prime minister has announced the government’s intention to introduce legislation this year for the new corporate criminal offence of failure to prevent the facilitation of tax evasion.
The government has announced a new taskforce, jointly led by HMRC and the National Crime Agency, to investigate evidence of money laundering and tax evasion provided by the ‘Panama papers’.
The Bill passed its second reading in the Commons on Monday 11 April. A Committee of the whole House will debate the following clauses and schedules over two days, beginning on a date to be announced.
First day:
· clauses 7 to 18 and Schedules 2 and 3 (employment income);
New HMRC guidance includes:
Was lack of funds a reasonable excuse?
Expect HMRC to act, writes Jessica Parker (Corker Binning)
Finance Bill 2016 includes provisions for HMRC to require information on certain state aid issues so that the department can provide it to the European Commission, says Kelly Stricklin-Coutinho (39 Essex Chambers).
The Department for Business, Innovation and Skills has published an updated policy on HMRC's enforcement of the national minimum wage and national living wage. The national living wage applies to workers aged 25 and over from 1 April 2016.