Treasury won't reveal rich taxpayers deals
The Treasury has side stepped a Commons demand for details of special deals agreed between the Inland Revenue and rich taxpayers allowing them to make fixed payments in lieu of filing normal tax returns.
The Treasury has side stepped a Commons demand for details of special deals agreed between the Inland Revenue and rich taxpayers allowing them to make fixed payments in lieu of filing normal tax returns.
Paymaster General Dawn Primarolo insisted there had only been ‘a small number’ of such agreements entered into at various dates since 1988 and that only three were made since the start of 1997, none of which ‘are now considered current’.
Primarolo did not disclose whom these involved but admitted: ‘The Inland Revenue are contending in Court proceedings that the third is invalid.’
In response to questions posed in by Lewes Liberal democrat MP Norman Baker, who said some of the arrangements post-1998 involved tax payers domiciled outside the UK, she said:
‘Typically the arrangements agree a practical basis for taxing future income and gains where there would otherwise be particular difficulties in establishing and exact figure.’
The wording of Primarolo’s response did not rule out any of the deals involving UK domiciled taxpayers, nor rule out other deals pre-1988, or deals post 1997, which are considered current.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article