HM Revenue and Customs (HMRC) has won a major tax avoidance case, protecting more than £17 million for UK taxpayers in the process. The Court of Appeal stopped an attempt by Fidex LTD - a subsidiary of BNP Paribas - to gain a tax advantage using artificial accounting arrangements.
The scheme tried to take advantage of different accounting standards covering the tax treatment of assets to create
HMRC has protected £365 million in tax after defeating a tax avoidance scheme that involved dividends paid on shares to a company based in the Cayman Islands.
The First-tier Tribunal ruled that the Clavis Liberty Fund 1 LP scheme, created an artificial tax loss - in a judgment covering 99 partners and protecting tax at stake in other cases.
The judgment is significant for HMRC as it is the f
Security firm G4S cannot set its parking fines against its tax bill, the tax tribunal ruled today.
Following a lengthy legal battle, the highest court in the land, The Supreme Court, today ruled in favour of HM Revenue and Customs, refusing the Eclipse Film Partners (No 35) LLP, permission to appeal last year’s Court of Appeal decision, protecting an estimated £635 million in tax.
Eclipse claimed to trade in film rights but was in reality a tax avoidance scheme, seeking to create substantial
Jennie Granger, HMRC Director General of Enforcement and Compliance, said:
“HMRC is committed to exposing and acting on financial wrongdoing and we relentlessly pursue tax evaders to ensure that they pay every penny of taxes and fines they owe.
“HMRC can confirm that we have already received a great deal of information on offshore companies, including in Panama, from a wide range of sources,
HM Revenue and Customs (HMRC) today announced that it has reached a final agreement with its major IT suppliers on the phased exit of the £10 billion Aspire IT contract, which ends in 2017.
HM Revenue and Customs (HMRC) has shut down a major tax avoidance scheme used by banking giants UBS and Deutsche Bank (DB), designed to avoid around £135 million in tax.
Alcohol wholesalers are risking fines of up to £10,000 or even a criminal conviction if they fail to apply for registration by the end of March, HM Revenue and Customs warned today.
A tax avoidance scheme used by Stagecoach to cut their tax bill by £11 million has been stopped in its tracks.
Exchequer Secretary to the Treasury Damian Hinds has written to thousands of businesses urging them to apply for the new Alcohol Wholesaler Registration Scheme.
New statistics reveal that HMRC has collected more than £2 billion in disputed tax from tax avoiders, under rules introduced by the government in 2014.
New analysis revealed today by HM Revenue and Customs (HMRC) shows that men win the battle of the taxes as they are more likely than women to complete their tax return on time.
