The taxman will crack down on high earners looking to duck the 50% tax rate
through avoidance schemes.
Dave Hartnett, HMRC permanent secretary of tax, warned that those switching
income tax to capital gains through tax schemes will be kept under “very close
“Where such schemes work technically, we will not hesitate to go to our
ministers to ask for a change in legislation,” said Hartnett at a meeting in
PwC’s Jon Terry said some tax planning approaches were likely to be
acceptable, if they were genuine commercial arrangements.
A number of potential schemes are mooted. Banks could defer bankers’ bonuses,
or companies could issue share options that, when triggered, employee could pay
income tax on over a long period – potentially at a lower rate of tax if the
higher rate was changed.
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...