Tom Rowbotham provides a refresher guide to the penalty regime.
There should be no need for external reviews to provide assurances that HMRC’s tax settlements with large businesses are appropriate, the National Audit Office said as it concluded that five settlements examined by a former High Court judge were ‘reasonable’.
UK Uncut Legal Action has been granted permission by the High Court to challenge HMRC’s settlement of a tax dispute with Goldman Sachs.
The Public Bill Committee met yesterday and clause 24 (Companies carrying on businesses of leasing plant or machinery) was amended in relation to companies moving into tonnage tax.
More than 2,400 people have registered to disclose unpaid tax under the Liechtenstein Disclosure Facility (LDF), HMRC announced. The LDF is now expected to bring in ‘up to £3bn’ by 2016.
‘Business must shout louder for the merits of lower taxes or the government will be unable to cut the top rate of income tax to 40p, George Osborne warned yesterday.
Grant Thornton has appointed as a National Director Andrew Cockman, who will focus on growing the firm’s private client team. He is actively involved in shaping tax legislation through involvement with tax representative bodies such as the ICAEW, CIOT and STEP, the firm said.
A round up of new developments
The government must be clear on what a proposed general anti-abuse rule (GAAR) will achieve, the Chartered Institute of Taxation said in response to today’s consultation paper.
Vodafone faced ‘fresh controversy’ according to press reports after it emerged that the group has no UK corporation tax liability for the year to 31 March 2012 despite having 19m UK customers.