“HSBC, the UK’s biggest bank, has admitted it faces a potential tax bill of up to up to $4.9bn (£3bn) if it loses an ongoing case with HM Revenue and Customs.”
The Guardian, 28th February 2012
Source: www.guardian.co.uk
“A watchdog is to be appointed to ensure that the taxman does not strike overly-generous sweetheart deals with big firms trying to avoid multi-million pound bills.”
Daily Telegraph, 28th February 2012
Source: www.telegraph.co.uk
“A Government-appointed taskforce is prepared to recommend changing the law if it finds ‘unnecessary legal barriers’ to the sharing of information under just-announced anti-fraud plans.”
OUT-LAW.com, 8th February 2012
Source: www.out-law.com
“Tax Tribunal rules HMRC is waiting months before alerting firms returns are late so that fines stack up.”
The Independent, 13th January 2012
Source: www.independent.co.uk
“An alternative dispute resolution (ADR) pilot which allows smaller businesses to resolve tax disputes without having to resort to a tribunal is to be extended, HM Revenue and Customs (HMRC) has announced.”
OUT-LAW.com, 11th January 2012
Source: www.out-law.com
“There are ‘specific and systemic’ failures in the way in which HM Revenue and Customs (HMRC) handles tax disputes with big companies which must be addressed, an influential committee of MPs has said.”
OUT-LAW.com, 20th December 2011
Source: www.out-law.com
“Loans between pension schemes are ‘unauthorised payments’ which cannot be used as a way of unlocking pension capital before a scheme member retires, the High Court has ruled.”
OUT-LAW.com, 21st December 2011
Source: www.out-law.com
“A string of companies are facing a judge-led investigation into deals with HM Revenue and Customs which allowed them to escape paying billions of pounds in tax.”
Daily Telegraph, 15th December 2011
Source: www.telegraph.co.uk
“Plans to lower the £84 million cost to the taxpayer, and relieve pressure on businesses, through the introduction of fees for employment tribunals were announced today by Justice Minister Jonathan Djanogly.”
Ministry of Justice, 14th December 2011
Source: www.justice.gov.uk
“Following Budget 2011, the Government has today published responses to a number of tax policy consultations, alongside draft clauses for legislation to be included in Finance Bill 2012.”
HM Treasury, 6th December 2011
Source: www.hm-treasury.gov.uk
“A high court judge has been asked to take action against a football industry debt rule described as revealing ‘the ugly side of the beautiful game’.”
The Guardian, 30th November 2011
Source: www.guardian.co.uk
“A senior judge is to be brought in to investigate a series of highly controversial tax deals which cost the Exchequer millions of pounds in lost revenue.”
The Independent, 22nd November 2011
Source: www.independent.co.uk
“Stamp duty on property transactions is ‘inefficient and damaging’ and should be abolished, while VAT should be levied on financial services business and income tax merged with national insurance, an independent report on taxation in the UK has claimed.”
OUT-LAW.com, 14th September 2011
Source: www.out-law.com
“A crackdown on offshore gambling companies that operate in the UK has been launched by the government in a move that is expected to clear the way for a tax grab by the Treasury.”
The Guardian, 14th July 2011
Source: www.guardian.co.uk
“The Government is today publishing a consultation on its plans to reform the taxation of non-domiciled individuals (‘non-domiciles’). It wants to ensure that non-domiciles make a fair tax contribution, as well as encourage them to invest in the UK and simplify the current tax rules for them.”
HM Treasury, 17th June 2011
Source: www.hm-treasury.gov.uk
Schröder v Finanzamt Hameln (Case C-450/09); [2011] WLR (D) 121
“National legislation which allowed a resident taxpayer to deduct the annuities paid to a relative who had transferred immovable property to him, from the rental income derived from that property, but did not grant such a deduction to a non-resident taxpayer, was contrary to article 63FEU of the FEU Treaty in so far as the undertaking to pay those annuities resulted from the transfer of that property.”
WLR Daily, 31st March 2011
Source: www.iclr.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“Last month (24 January) The Lawyer highlighted an accelerating trend that may well turn out to be one of the defining developments in this year of full Legal Services Act (LSA) implementation. An increasing number of firms are looking at introducing corporate vehicles into their partnerships.”
The Lawyer, 7th February 2011
Source: www.thelawyer.com
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