HMRC’s top tax official told MPs yesterday that he was very sorry that HMRC made a ‘mistake’ resulting in no interest being charged on national insurance contributions payable by Goldman Sachs following the failure of an avoidance scheme.
HMRC’s head of tax was set to face questions from MPs today over a settlement with Goldman Sachs in which the bank was ‘forgiven’ interest of £10m on a failed tax avoidance scheme, according to reports in Private Eye and today’s Guardian.
UHY Hacker Young announced the appointment of Gary Shortman, previously a Tax Director at BDO, as a Partner.
The Taxes and Duties, etc (Interest Rate) Regulations, SI 2011/2446, set out the interest rate setting formulae for late payment interest and for repayment interest.
HMRC has launched a campaign to target private tutors and coaches who have failed to declare their income.
Ninety-eight of the 100 biggest groups listed on the London stock exchange use tax havens, according to the charity ActionAid, showing ‘just how embedded the use of tax havens is in the structures of nearly all Britain’s biggest companies’.
HMRC will ‘stay on the trail’ of British investors who fail to come clean under the UK-Switzerland agreement signed last week, an investigations expert has told Tax Journal.
The Chancellor has made it clear that he would support a ‘world financial transaction tax’ in principle, but claimed that an FTT operating only in Europe would result in the relocation of UK-based business to the United States.
Parts of HMRC’s online filing system were closed for upgrades and maintenance over the weekend, and some services will remain unavailable until 6 am on Tuesday.