The CumEx trading scandal: What are the implications for the UK? – 5SAH

Posted November 26th, 2019 in financial regulation, news, shareholders, tax avoidance, taxation by sally

‘“CumEx” is a controversial dividend arbitrage stock trading practice currently under investigation in several European jurisdictions with, to date, limited involvement from the UK authorities. It allegedly caused significant losses to various EU treasuries, which are currently engaged in civil proceedings, regulatory settlements and criminal proceedings, including against two former London traders who are currently on trial for tax fraud in Germany.’

Full Story

5SAH, 19th November 2019

Source: www.5sah.co.uk

Follower notices invalid, says Court of Appeal – OUT-LAW.com

‘The Court of Appeal in England has quashed follower notices issued to a participant in a film partnership on the basis that tax authority HM Revenue & Customs (HMRC) could not have been of the opinion that the judicial ruling they were based on was relevant to the taxpayer’s case.’

Full Story

OUT-LAW.com, 14th November 2019

Source: www.pinsentmasons.com

HMRC treating taxpayers unfairly, House of Lords report says – The Independent

Posted December 4th, 2018 in HM Revenue & Customs, news, select committees, tax avoidance, tax evasion by tracey

‘Taxpayers are being treated unfairly by HMRC, according to a new House of Lords report, which also warns that the government’s tax collection arm has become too powerful.’

Full Story

The Independent, 4th December 2018

Source: www.independent.co.uk

800 BBC presenters could face tax investigations, says watchdog – BBC News

‘About 800 BBC TV and radio presenters could face tax investigations over their employment status after a failure by the broadcaster to clear up its payments system, Whitehall’s spending watchdog has said. The National Audit Office said HM Revenue and Customs had opened approximately 100 investigations into BBC-related personal service companies (PSCs) after concerns were raised that they may have broken tax rules.’

Full Story

BBC News, 15th November 2018

Source: www.theguardian.com

Supreme Court restores avoidance finding in Project Blue SDLT case – OUT-LAW.com

Posted June 15th, 2018 in news, sale of land, stamp duty, Supreme Court, tax avoidance by tracey

‘A stamp duty land tax (SDLT) claim by HM Revenue and Customs (HMRC) in connection with the purchase of the former Chelsea Barracks in London, worth a potential £50 million, has been restored by the UK Supreme Court.’

Full Story

OUT-LAW.com, 14th June 2018

Source: www.out-law.com

Privilege in tax avoidance disputes – OUT-LAW.com

Posted May 10th, 2018 in disclosure, HM Revenue & Customs, news, privilege, tax avoidance, tribunals by sally

‘In UK tax avoidance disputes there are practical difficulties in asserting legal privilege to prevent legal advice being disclosed to HM Revenue & Customs (HMRC) where the taxpayer has to explain the motivations behind a transaction, but properly asserting privilege should never be seen as being ‘uncooperative’.’

Full Story

OUT-LAW.com, 9th May 2019

Source: www.out-law.com

Ministers back down on tax haven company registers – BBC News

Posted May 2nd, 2018 in bills, news, tax avoidance by tracey

‘The government has agreed to calls for new measures aimed at increasing transparency in offshore tax havens.’

Full Story

BBC News, 1st May 2018

Source: www.bbc.co.uk

Case Preview: Project Blue Ltd v HMRC – UK Supreme Court Blog

Posted March 15th, 2018 in appeals, HM Revenue & Customs, news, tax avoidance, taxation by tracey

‘Steven Sieff, consultant in the tax team at CMS, offers a preview of the decision awaited in Project Blue Ltd v Commissioners for Her Majesty’s Revenue and Customs.’

Full Story

UK Supreme Court Blog , 13th March 2018

Source: ukscblog.com

Accountants and lawyers ‘must report’ aggressive tax avoidance schemes – The Guardian

Posted March 14th, 2018 in accountants, banking, legal profession, news, notification, penalties, tax avoidance by sally

‘Accountants, bankers and lawyers will face penalties if they fail to report aggressive tax avoidance schemes that help companies or individuals move money to offshore havens, under a new European Union law.’

Full Story

The Guardian, 13th March 2018

Source: www.theguardian.com

Legal rights are not all right: when morality and the law collide – OUP Blog

Posted February 2nd, 2018 in counterfeiting, drug offences, homosexuality, news, tax avoidance by sally

‘In early November 2017, media outlets hailed the Paradise Papers as a major scoop: 13.4 million leaked documents revealed the financial details of some of the world’s leading brands, politicians, sports stars, and musicians. But this was to be no repeat of last year’s Panama Papers, in which well-known names appeared relating to criminal acts like “corruption,” “tax evasion,” and “money laundering”; the Paradise Papers failed to reveal a single crime.’

Full Story

OUP Blog, 31st January 2018

Source: blog.oup.com

Tax firm negligent for not warning about risks of avoidance scheme – Law Society’s Gazette

Posted December 13th, 2017 in law firms, negligence, news, tax avoidance by sally

‘The Court of Appeal has ruled that a law firm was negligent in not giving its client any specific warning about the pitfalls of a tax avoidance scheme.’

Full Story

Law Society's Gazette, 12th December 2017

Source: www.lawgazette.co.uk

Court of Appeal finds firm negligent for failing to warn over risk of tax avoidance scheme – Legal Futures

Posted December 12th, 2017 in appeals, law firms, negligence, news, solicitors, tax avoidance by sally

‘A firm of solicitors should have warned a client of the significant risk that a tax avoidance scheme would not withstand a challenge from HM Revenue & Customs (HMRC), the Court of Appeal has ruled.’

Full Story

Legal Futures, 12th December 2017

Source: www.legalfutures.co.uk

When tax advice strays from planning to avoidance and evasion – Hardwicke Chambers

Posted November 23rd, 2017 in financial advice, news, tax avoidance, tax evasion by sally

‘With the tax affairs of so many VIPs once more in the headlines, Andrew Reid and James Hall consider what claims can be brought against the original advisers and what might be done to avoid that happening.’

Full Story

Hardwicke Chambers, 10th November 2017

Source: www.hardwicke.co.uk

Judicial review appeal fails in UK diverted profits tax case – OUT-LAW.com

‘Oil and gas distributing company Glencore Energy’s application for judicial review of the issue of a diverted profits tax (DPT) charging notice by HM Revenue and Customs (HMRC) has been rejected for a second time.’

Full Story

OUT-LAW.com, 3rd November 2017

Source: www.out-law.com

‘Tax gap’ due to ‘legal interpretation’ jumps 9% to £6bn – OUT-LAW.com

‘The amount of tax the UK’s HM Revenue & Customs (HMRC) thinks is being underpaid due to ‘legal interpretation’ has increased by 9% over the last year to £6bn, up from £5.5bn in 2014/15 according to ‘tax gap’ figures released by the tax authority.’

Full Story

OUT-LAW.com, 27th October 2017

Source: www.out-law.com

HMRC sets out draft guidance on penalties for enablers of defeated tax avoidance – Out-Law.com

Posted October 25th, 2017 in HM Revenue & Customs, news, penalties, tax avoidance by michael

‘Draft guidance that explains when accountants, lawyers, financial advisers and auditors, amongst others, might be penalised for helping others to avoid tax has been published by HM Revenue and Customs.’

Full Story

Out-Law.com, 24th October 2017

Source: www.out-law.com

Bad advice, limitation and tax avoidance – Hardwicke Chambers

Posted October 23rd, 2017 in limitations, negligence, news, tax avoidance by sally

‘When does the claimant’s cause of action accrue in a professional negligence case? In particular, at what point has the claimant suffered a recoverable loss? This question is of course most relevant when a potential limitation defence arises under section 2 of the Limitation Act 1980, and is an issue that the courts have struggled with for some time. The recent case of Halsall v Champion Consulting Limited [2017] EWHC 1079 (QB) serves as a useful reminder of the difficulties that can arise in this area.’

Full Story

Hardwicke Chambers, 17th October 2017

Source: www.hardwicke.co.uk

Solicitors lose claim over losses caused by tax mitigation schemes – Legal Futures

Posted June 5th, 2017 in accountants, law firms, negligence, news, solicitors, tax avoidance by tracey

‘Partners at a leading personal injury law firm have lost a professional negligence action against the accountants who recommended they sign up to two ultimately unsuccessful tax mitigation schemes.’

Full Story

Legal Futures, 5th June 2017

Source: www.legalfutures.co.uk

Crackdown on ‘disguised self-employment’ behind increased HMRC payroll tax take, says expert – OUT-LAW.com

‘HM Revenue and Customs (HMRC) collected an additional £705 million in tax from investigations into companies’ payroll taxes last year, almost half of which was collected from small or medium-sized businesses (SMEs), according to new figures.’

Full story

OUT-LAW.com, 4th April 2017

Source: www.out-law.com

The changing meaning of tax avoidance – OUP Blog

Posted March 2nd, 2017 in news, tax avoidance, tax evasion, taxation by sally

‘There are some economic terms that are fixed and immutable. Marginal cost will always be the addition to cost from an incremental increase in output, and average cost will never be anything other than total cost divided by output. Other terms have greater fluidity and evolve over time with developments in theory and practice. For this reason, compilation of the Dictionary is never finished and definitions are never final.’

Full story

OUP Blog, 1st March 2017

Source: www.blog.oup.com