News Articles: HMRC

CentreForum, the dominant Lib Dem think tank, have called for the taxing of pension cash lump sums taken upon retirement.  The proposed move targets those pension pots that fall into the higher tax rate of £42,475. The paper suggests that … Continue reading →

The latest phase in HMRC’s battle with tax evasion is the initialling of an agreement between the UK and Switzerland to subject the undeclared Swiss accounts of UK taxpayers to tax. Subject to Parliamentary approval in both countries, the agreement … Continue reading →

Stamp duty land tax (SDLT) is paid by the purchaser of an interest in land. Although the top rate of 4% for commercial property seems low in comparison to, say, income tax rates of up to 50% – when the … Continue reading →

It appears, with the passing of the deadline, that HM Revenue & Customs have decided not to appeal against the decision of the First-tier Tax Tribunal in the case of Executors of Dennis Golding v HMRC. This case concerned the … Continue reading →

HMRC continue to target specific industry sectors and businesses, etc. to encourage those who are underpaying or not paying their liabilities – ‘those who have failed to pay the right tax’ in the words of the department – to voluntarily … Continue reading →

Determining whether an individual is resident in the UK for tax purposes – and therefore liable to tax here – has become more difficult in recent years, although a statutory test is on the horizon and this may help. Among … Continue reading →

It seems that in addition to the organisers and the rest of the country, HM Revenue & Customs have also started counting down towards the 2012 Olympics. The department knows that those living near major sporting and cultural events realise … Continue reading →

In comparison with the news that UK taxpayers may be paying £13.5bn of tax unnecessarily over the next year, HM Revenue & Customs may be more interested in those who have underpaid their tax and National Insurance liabilities. The past … Continue reading →

As previously reported, a tougher HMRC penalty regime applies. It was reported recently that a taxpayer claimed a tax overpayment of £3,000. HMRC calculated that the correct overpayment was £1,000 and then imposed a penalty of £1,400 for the error. … Continue reading →

HMRC’s Business Payment Support Service has helped over 160,000 businesses reschedule more than £5 billion of tax in its first 15 months, according to figures recently released.