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.
The giving of reasons for third party notices
Taxpayers increasingly need to rely on statements made by HMRC which do not have the force of law, such as HMRC clearances given to a taxpayer or HMRC guidance. In this back-to-basics guide, Christopher Harrison and David Stainer (Allen & Overy) provide an overview of the principles which govern a taxpayer’s ability to rely on written statements by HMRC, particularly on legitimate expectation.
Andrew Goldstone and Sarah Albury (Mishcon de Reya) report on recent updates in the private client arena, including: the proposed new strict liability criminal offence; changes to the LDF; the common reporting standard in the UK; strengthening DOTAS and the VADR; and the Presumption of Death Act.
Angela Savin (Norton Rose Fulbright) examines HMRC’s recent guidance on its new powers in this year’s Finance Act.
Go directly to jail; do not pass ‘go’; do not collect £200. Is HMRC’s approach getting out of hand, asks Peter Vaines, partner, Squire Patton Boggs
HMRC has restricted the availability of the Liechtenstein disclosure facility (LDF). The restrictions are subject to three key exclusions; these are not as clear cut as one might think, writes Simon Airey, head of tax investigations, DLA Piper