THE UK GOVERNMENT has upped the ante against offshore tax evaders, after a new global information-sharing standard was agreed.
HM Revenue & Customs has launched a campaign today to target offshore tax evasion, following endorsement by the G20 in Australia over the weekend of the OECD’s new global standard to share tax information.
The agreement is expected to be a considerable expansion on the UK’s current agreements with Crown dependencies and overseas territories. So far 42 countries and jurisdictions have joined up to the initiative.
Chancellor of the Exchequer, George Osborne said: “The UK government is on the side of the hardworking majority of people and companies who pay the tax they owe. By taking global action to reform the system alongside a tough approach to enforcing the law at home, we will close the net on those who think they do not have to play by the rules.
“This is a victory for Britain’s international agenda and the fight against wrongdoing.”
HMRC intends to extend the date for withdrawal of transitional relief on investment growth from 30 November 2016 to 31 March 2017
The current business rates system is over-complex and reform is needed, but reforms should focus first of all on simplifying the appeals process, particularly for businesses which are subject to business rates exemption
The CIoT has called on the government to rethink its approach to ensuring online sellers pay the correct amount of VAT.
Jane Ellison to serve as 'tax minister' following ministerial responsibilities for public health. David Gauke become chief secretary to the Treasury