The Chief Executive Officer of the Student Loans Company at the centre of controversy over his tax arrangements was advised to account for tax and national insurance contributions under special rules introduced to counter tax avoidance via personal service companies.
HMRC published an updated list of its statements of practice, including changes to SP1/10 (Business by telephone), new SP1/12 (Advance thin capitalisation agreements) and new SP2/12 (Inward investment support).
The Liechtenstein Disclosure Facility will be extended by a year to 5 April 2016, HMRC announced. More than 2,000 disclosures have been made so far.
HMRC has put its business records checks programme on hold until a ‘revamped’ approach is launched ‘early in the 2012/13 financial year’.
‘Barclays has been warned that its reputation is being "tarnished" by the persistent use of "complicated financial structures" to boost profits.