HMRC are consulting on draft regulations to give effect to the new EU Mutual Assistance in Recovery Directive, Council Directive 2010/24/EU (‘MARD’).
HMRC do not recognise or give ‘proper credit’ for a tax agent’s membership of a professional body, the ICAEW Tax Faculty said in response to the department’s consultation on a strategy for engaging with tax agents.
Corporate tax incentives for debt finance and ‘very low’ taxes on capital gains may have played a minor role in creating or facilitating the financial crisis, according to the Mirrlees review of the UK’s tax system.
Almost 24,000 fraudulent emails were reported to HMRC last month, an increase of nearly 300% on last year.
HMRC have flagged new penalties taking effect this autumn for late tax returns and late payments by individuals and businesses:
‘The new penalties for late self assessment returns are:
An avoidance scheme in which the recipient of a manufactured overseas dividend (MOD) seeks a credit for UK income tax where ‘no actual UK income tax has been paid’ is to be blocked with effect from 15 September.
The UK and the US are acutely aware of the need for competitive effective tax rates but, as Steve Edge and Willard Taylor explain, they achieve that result in different ways.
HMRC and the tax bodies share an enthusiasm to ‘press ahead’ with a new initiative to resolve longstanding HMRC service delivery issues, a leading expert has told Tax Journal.
‘The Treasury should be held to account for a tax system that is “inefficient, overly complex and frequently unfair”, the Institute for Fiscal Studies has said in a stinging critique of tax policy.’
Financial Times, 14 September 2011