The taxman is set to lose out on millions of pounds when unit trust Fidelity
Special Situations splits.
The £6bn trust, which splits today, will invest half its assets overseas and
deprive HM Revenue & Customs of up to £15m of stamp duty.
As just half of the assets in the trusts were turned over last year, the
amount lost from the UK is expected to be nearer £7.5m, reported the Daily
Fidelity UK managing director Richard Wastcoat said the move was not made to
avoid the tax, but bemoaned the UK being one of the few jurisdictions to impose
‘In the interests of ensuring that the UK stock market remains globally
competitive, the chancellor should reconsider removing stamp duty from shares,’
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...