‘The Big Four accountancy firms have come under attack for maintaining on average more than 20 offices each in offshore tax havens despite countries working together to crack down on tax avoidance … MP Chuka Ummuna, who earlier this month confronted Barclays chief executive Bob Diamond over the b
Liberal Democrat MP Adrian Sanders asked the Chancellor if he would make it his policy to refer all tax disputes concerning liabilities greater than £500 million for parliamentary scrutiny prior to action by HMRC.
‘If some tax avoidance is a fact of global competition, the challenge for firms is to protect their reputation … The awkward truth is some companies do have something to hide.
The National Audit Office has confirmed that it is in the ‘early stages’ of scoping a review of HMRC’s procedures for resolving tax disputes. Private Eye has linked the NAO’s decision to recent allegations concerning HMRC’s £1.2 billion settlement with Vodafone.
HMRC has published a revised summary of legislation implementing reforms arising from the review of HMRC powers, deterrents and safeguards.
Three judges, two leading tax academics and BP’s head of tax will work with tax barrister Graham Aaronson to explore the case for a general anti-avoidance rule (GAAR), the Treasury announced.
Aaronson has enlisted:
Offshore tax havens are undermining elected government, hollowing out its tax base and corrupting its politicians but are still ‘growing fast’, according to a new book serialised in The Guardian.
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.