Swiss banks will collect far less in tax from UK account holders than the £3.2bn predicted by the Office for Budget Responsibility (OBR), according to The Times. The tax deal allows UK citizens to pay a one-off levy and regular withholding tax to their Swiss bank.
According to law firm Pinsent Masons, HMRC ‘admits that it loses 60% of the VAT penalty cases appealed by businesses’ and that ‘HMRC dealt with 30,345 appeals from businesses over VAT penalty notices issued during the 2011/12 tax year [with] HMRC’s penalties [being] cancelled in 18,317 of these c
HMRC’s tax assurance commissioner publishes his first annual report on resolving disputes.
Error or mistake relief: salesman claiming to have been employee
The National Audit Office has published its report on HMRC’s 2012/13 accounts. The report details progress by HMRC in stabilising and operating the PAYE service and its progress towards the implementation of its real-time information service.
The International Tax Compliance (United States of America) Regulations, SI 2013/Draft, first published in December 2012 and updated in May 2013, will give effect to the UK/US intergovernmental agreement to implement the US FATCA legislation in the UK.
As part of the measures announced in last week’s government spending review, HMRC is to ‘deliver more than £130m of efficiency savings in 2015/16 through improved productivity and further digital transformation,’ according to the HM Treasury document Spending Round 2013.
On 26 June, the government tabled the following amendments and new clauses to Finance Bill 2013.
MPs debated the issue of multinational companies and UK corporation tax last week in a debate scheduled by the Backbench Business Committee.
Negotiated settlement: further investigation by HMRC