HMRC is right to assert that the ‘no possibilities’ test should be applied immediately after the base loss period for losses from 1 April 2006, but wrong to apply it to periods before that date, writes Peter Cussons (PwC).
The definition of investment entities under FATCA, under the model IGA and under the UK IGA, regulations, guidance notes varies in important respects. Andrey Krahmal (Temple Tax Chambers) provides a summary of how the rules apply to investment entities most frequently encountered in practice.
Tax director of the OTS, John Whiting, lays out the Office’s achievements in simplification over the last five years. There is still, though, plenty of scope for further improvements, so how will it continue to make our tax system simpler?
HMRC will be able to depart from its own guidance if it believes that tax avoidance might be involved, as the decision in Samarkand illustrates. Jeanette Zaman and Owen Williams (Slaughter and May) consider the uphill struggle that taxpayers could face to prove they have a substantive legitimate expectation.
The CIOT, ATT and LITRG have all welcomed a comprehensive HMRC review on tax penalties. They have each submitted responses to HMRC penalties: a discussion document published on 2 February 2015, which called for comments by 11 May.
ICAEW has raised a number of concerns in response to the recent HM Treasury/HMRC consultation, Tax advantaged venture capital schemes: draft legislation and explanatory notes, which closed 15 May.
Twelve people were arrested in the latest clampdown on tax fraud launched this week by HMRC. The new tax fraud taskforce targets individuals and organised criminal gangs across the UK believed to have fraudulently claimed repayments to which they were not entitled.
The Scottish Tax Tribunals (Time Limits and Rules of Procedure) Regulations, SSI 2015/184, come into force on 1 June 2015.
According to Baker Tilly, more than 6,000 tax defaulters were referred to a special HMRC monitoring unit in 2014/15 – a 30% increase on the year before – in a sign that HMRC is getting much tougher on those who deliberately seek to default on their tax liabilities.
George Osborne announced last week a law offering the other big cities of England new powers provided they adopt an elected metro-mayor, similar to Manchester.