The Conservative party has challenged parts of the government’s finance bill,
in a parliamentary battle over retrospective taxation.
The bill contained plans to shut down a tax avoidance scheme used by hedge
fund managers to extinguish tax liabilities. It proposes shutting down the
scheme from 1 January 2009, when the Treasury first announced it would tackle
Backdating the legislation would ensnare a group of wealthy people who used
the scheme and would find they now have to pay tax, reports the Financial Times.
Hedge fund clients who use the scheme included entrepreneurs, financiers and
property specialists who typically pay up to £50,000 to reduce tax on income of
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states