Practitioner views on the Autumn Statement:
The National Audit Office (NAO) has published a report finding that many tax reliefs, cost more than expected and are used in ways either not intended by Parliament, or without bringing about the intended behaviour change.
The Public Accounts Committee (PAC) released its 18th report of the 2014/15 parliamentary session on Tuesday, titled HMRC’s progress in improving tax compliance and preventing tax avoidance.
The International Consortium of Investigative Journalists (ICIJ) has published leaked documents setting out tax deals that some of the world’s largest multinational corporations struck with Luxembourg.
HMRC has announced that two-thirds of the 800 biggest businesses operating in the UK are under enquiry. Jennie Granger, director general of enforcement and compliance at HMRC, told an HMRC stakeholder conference that most of the enquiries cover multiple issues.
The ‘tax gap’ figures for 2012/13 showed that illegal activity costs the UK almost five times as much as tax avoidance. When it comes to reducing tax avoidance, argues Tony Beare (Slaughter and May), adverse publicity and the desire to maintain a good working relationship with HMRC are the most powerful drivers.
A recent survey of senior in-house tax professionals reveals dissatisfaction with HMRC’s conduct in dealing with and resolving tax disputes, writes Liesl Fichardt (Clifford Chance)
The government will publish draft clauses to be included in Finance Bill 2015 on Wednesday 10 December 2014, in the week following the Autumn Statement. Consultation on this draft legislation will run until 4 February 2015.
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