Financial secretary to the Treasury David Gauke MP has revealed that HMRC’s High Net Worth Unit – a specialist division which deals with the tax affairs of the UK’s wealthiest individuals – has brought in £1bn in compliance yield since it was set up in 2009.
HMRC has published a tax information and impact note on the new rules which will allow it to issue conduct notices to promoters of tax avoidance schemes. The note stresses that these rules have effect since Royal Assent of the Finance Bill (i.e. 17 July 2014).
Interest ‘rolled over’ under a Ponzi scheme
Jurisdiction of the UT
Tori Magill reviews the changes to the contractual disclosure facility (CDF), and considers the impact for clients
According to the Financial Times (10 July 2014), lawyers are scrambling to file compensation claims against advisers who sold tax-saving schemes that have backfired to leave an estimated £5bn bill for individuals.
Legitimate expectation
Discovery assessment and HMRC’s knowledge
Penalties for late filing and posting