The leading tax bodies have updated their joint guidance for tax advisers on professional conduct in relation to taxation. It was last updated in 2006, and the latest version has been the subject of discussion since 2007.
The total recorded yield from HMRC settlements relating to controlled foreign companies legislation in the financial years 2007/08 to 2009/10 is estimated at £719 million, David Gauke said in a Commons written answer.
HMRC has emphasised that it never ‘approves’ tax avoidance schemes. Some promoters or introducers for certain schemes are advertising products as ‘HMRC approved’, the department said.
Tax advisers have warned that uncertainty caused by a general anti-avoidance rule could harm the UK’s competitiveness.
A competitive corporate tax system is not just about rates, the Treasury said as it launched five consultations.
The Treasury announced five consultations on 29 November dealing with controlled foreign companies, taxation of foreign profits, profits arising from patents and R&D tax credits:
The Tax Avoidance Schemes (Penalty) (Amendment) Regulations, SI 2010/2743, prescribe increased maximum daily penalties for failure to comply with certain disclosure obligations where a tax tribunal has made a disclosure order.
The number of disclosures of avoidance schemes has fallen in the six months to 30 September 2010, according to provisional figures released by HMRC. Fifty-six disclosures were made, including 48 relating to direct taxes and NICs. There were 99 disclosures in the six months to 31 March 2010.
The way that tax interacts with Finance Transformation programmes is changing rapidly from being a peripheral end-user to being a key business partner. Rachel Taylor examines the drivers for this change and what Tax Directors should be considering in relation to their own Finance Transformations
Generating sustainable value and avoiding unpleasant surprises increasingly requires a clear strategy, aligned with your corporate goals, and supported by a robust framework for the management of tax risk, reports Mark Kennedy