The impact of the Liechtenstein disclosure facility’s closure
The Revenue has suspended its notification list of qualifying recognised overseas pension schemes (QROPS), after discovering the inclusion of schemes that do not meet the pension age test.
Payments made by HMRC to informants have hit a record high, according to legal experts.
Tax whistleblowers netted £605,000 in the year ended 31 March 2015, up from £402,000 over the previous 12 months.
The rise was driven in part by a surge in public awareness about the Revenue’s efforts to track down evaders, leading to more individuals alerting the department to possible fraud by former employers or ex-partners, said said City law firm RPC.
PN Jackson (TC4414)
Tax officials will cancel penalties for late self assessment returns that have since been submitted their return with a reasonable excuse, HMRC have confirmed.
The Revenue’s director-general of personal tax, Ruth Owen, told BBC Radio 4’s Money Box programme that there had been a change in department policy, meaning most taxpayers’ excuses would be accepted at face value rather than be submitted to inquiry.
J Smith (TC4392)
The government has seen a dramatic rise in the number of taxpayers facing scrutiny through a special initiative dedicated to combatting tax evasion.
A total of 6,051 individuals and businesses were referred to HMRC’s managing serious defaulters (MSD) programme in 2014/15, up 31% on the previous year’s 4,624, according to official figures released following a freedom of information request by accountancy group Baker Tilly.
The numbers show growth of 423% between 2013/14 and 2012/13 (1,094).
C Jordan, Upper Tribunal (Tax and Chancery Chamber)
Winnington Networks Communications Ltd v CRC, Chancery Division
Globetrotting businesspeople are increasingly under scrutiny from HMRC, with no sign of a let-up in the near future, according to legal experts.
There has been a 29% rise in the number of tax probes into globally mobile high earners in the past year, City law firm PC has reported. The Revenue’s personal tax international compliance unit investigated 764 cases during 2014/15, up from 593 in 2013/14 and 438 in 2012/13.
HMRC have curbed their use of private debt-collectors by half, according UHY Hacker Young.
Research by the accountancy group shows the Revenue spent £6.8m on retrieving money through third-parties in 2014, compared with a record £14.8m in 2013.
“Debt collection agencies are rarely the most appropriate way for HMRC to collect unpaid taxes,” said Mark Giddens, head of UHY Hacker Young London’s private client department
HMRC are reviewing their system of fines