The ‘tax gap’ figures for 2012/13 showed that illegal activity costs the UK almost five times as much as tax avoidance. When it comes to reducing tax avoidance, argues Tony Beare (Slaughter and May), adverse publicity and the desire to maintain a good working relationship with HMRC are the most powerful drivers.
Michael Thomas (Gray’s Inn Tax Chambers) reviews the lessons from recent case law.
When will interest rates go up? Certainly not before the end of this year, and possibly not before the end of 2015, as the Bank of England finds reasons to delay, explains David Smith
To anyone involved in the infrastructure sector, action point four of the OECD’s BEPS project – to ‘limit base erosion via interest deductions and other financial payments’ – is bad news for highly geared projects, writes Eloise Walker (Pinsent Masons)
HMRC is sending personal tax summaries for the 2013/14 tax year to around 16m taxpayers whose tax affairs for that year are finalised. A further 8m taxpayers who complete a self-assessment tax return will be able to view their summary online.
The ICAEW gave evidence to the Treasury Select Committee last week on the economic and fiscal consequences of further tax devolution to Scotland.
HMRC has issued a list of ‘10 things a tax avoidance scheme promoter won’t always tell you’ which sets out the risks that people face when they sign up to a tax avoidance scheme and includes not only the possible monetary costs and reputational damage of tax avoidance, but also a potential crimin
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Lack of funds and reasonable excuse
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