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.
The government has set out the top rate of tax on personal income, and details of the tax thresholds adjusted for inflation, for the years 1975/76 to 2010/11. This is an extract from the table provided in a House of Lords written answer:
Proposed changes to the rules allowing taxpayers to set business losses against income or capital gains are ‘unworkable, disproportionate and unfair’, according to the Chartered Institute of Taxation.
HMRC has confirmed that the European Commission has approved two changes announced in Budget 2011 to the enterprise investment scheme.
FA 2011 s 42 increased the rate of income tax relief 30% for investments made on or after 6 April 2011.
HMRC is reminding employers that from April 2012 they may be asked to provide security where there is a risk of deliberate non-payment of PAYE tax and NICs. HMRC can already request a security for VAT.
HMRC is to extend its trial of a proposed ‘single compliance process’ to ensure that sufficient data is collected to ‘test the process fully’.
The proposed treatment of disguised remuneration for national insurance contributions purposes would impose ‘impossible and unreasonable obligations’ on employers, according to the ICAEW Tax Faculty.