January 23, 2021

UK: Coronation Street legend Bill Roache faces massive bill after investing in £500m tax avoidance scheme

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By Jeremy Armstrong From Manchester Evening News 288 wealthy investors who put money in the Cayman Islands will now have to cough up Coronation Street actor Bill Roache is set to get a massive bill after investing in a £500m tax avoidance scheme in the Cayman Islands. The Ken Barlow actor is among 288 wealthy […]

The UKTreasury Sub-Committee launches inquiry into tax avoidance and evasion

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From Parliament UK Tax Avoidance and Evasion inquiry Inquiry status: open The deadline for written submissions is Thursday 31 May 2018 Scope of the inquiry In recent years, HMRC has taken steps to address public concerns about the actions of individuals and businesses determined not to pay their fair share of tax. It has launched […]

HMRC shuts down ‘Liberty’ tax avoidance scheme

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By Jason Gorringe, From Tax-news.com, London HM Revenue and Customs, the UK tax authority, has welcomed a ruling in its favor against a contrived tax avoidance scheme involving an entity in Jersey and the Cayman Islands. HMRC says it expects that the decision will recover GBP325m in unpaid tax. The decision on the scheme, known […]

Cayman Finance attracts many to discuss UK HM Revenue & Customs Criminal Finances Bill

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Cayman Finance, in conjunction with the Ministry of Financial Services, Commerce and Environment and the UK’s HM Revenue & Customs, recently held an informational seminar to over 110 attendees on the UK’s Criminal Finance Bill, providing the local financial services industry the opportunity to gain insightful information to this new bill. The seminar was opened […]

The most ‘ludicrous’ expenses claims given to the [UK] taxman – from Caribbean holidays to Shih Tzu guard dogs

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BYVICKY SHAW From Daily Mirror UK Claims which were also rejected included those for betting slips, Friday night “bonding sessions” costing thousands of pounds and designer clothes HMRC released a list of the strangest expenses claims it received from customers trying to claim back on their 2014-15 self-assessment returns. The expenses claims which were rejected […]

Offshore clampdown continues as HMRC protects £365m

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By Fraser Simpson From AccountancyAge THE BATTLE between HMRC and offshore tax schemes continues, with the taxman claiming victory in a first-tier tribunal against a Cayman-registered company, protecting £365m of taxpayer money. HMRC disputed the intentions of the Clavis Liberty Fund 1 LP scheme, which created an artificial tax loss for its 99 investors. Clavis […]

HMRC claims billion pound week with win against Jersey firm

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By Richard Hubbard From International Adviser The UK tax office has won a judgement against a limited partnership registered in Jersey, the Clavis Liberty Fund 1 LP scheme, which it claimed had tried to create artificial tax losses. HM Revenue and Customs (HMRC) said on Friday it had protected £365m ($524m, €465m) in tax after […]

Panama Papers: Labour and SNP launch joint tax transparency attack against David Cameron at PMQs

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By Ian Silvera From International Business Times David Cameron faced sustained attacks from Labour and the SNP over the staffing levels of the UK’s tax watchdog during Prime Minister’s Questions (PMQs), as the fallout from the explosive Panama Papers leak continues. Jeremy Corbyn continually pressed the Conservative leader on the issue after Cameron admitted to […]

Is it becoming harder for international firms to avoid tax?

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By Jamie Robertson & Lucy Hooker Business reporters, BBC News When Google’s European boss, Matt Brittin, appeared before the House of Commons’ Public Accounts Committee on Thursday he faced a wave of indignant questioning from MPs. Since George Osborne applauded Google’s tax agreement with HM Revenue & Customs (HMRC) two weeks ago, public sentiment has […]

UK: HMRC grows Affluent Unit in tax avoidance crackdown

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By Sam Shaw From International Adviser A sharper focus on offshore banking activity and tax avoidance has seen HM Revenue & Customs grow its Affluent Unit by more than 50% in the past two years. In 2013 the unit had 213 people in its function whereas now headcount sits at 327, an increase of 54%. […]