Menu
09/07/2014
HMRC To Get New Powers To Demand Upfront Payments For Disputed Tax
HM Revenue and Customs are preparing to target some of the biggest names in sport, entertainment and business, with the introduction of new powers in a matter of weeks.
The new Finance Bill will give HMRC the power to demand payment of disputed tax bills, meaning those in dispute would have to pay upfront.
An estimated 33,000 people who have invested in so-called tax avoidance schemes, will also be affected by the new law.
Under the law, HNRC will send a letter demanding payment within 30days, with the person or business only having money refunded if a dispute is settled in their favour.
The changes have been described as a "game changer in the battle against tax avoidance".
(MH/IT)
The new Finance Bill will give HMRC the power to demand payment of disputed tax bills, meaning those in dispute would have to pay upfront.
An estimated 33,000 people who have invested in so-called tax avoidance schemes, will also be affected by the new law.
Under the law, HNRC will send a letter demanding payment within 30days, with the person or business only having money refunded if a dispute is settled in their favour.
The changes have been described as a "game changer in the battle against tax avoidance".
(MH/IT)
Related UK National News Stories
Click here for the latest headlines.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
06 April 2011
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
30 May 2014
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
18 March 2004
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
06 December 2010
Government Clampdown On Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a number of changes to legislation to tackle tax avoidance. Some of these changes will take immediate effect.
Government Clampdown On Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a number of changes to legislation to tackle tax avoidance. Some of these changes will take immediate effect.
-
Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
