Capello faces £7.5m Italian tax bill
Italian taxman said to be preparing huge demand, larger than previous estimates
Italian taxman said to be preparing huge demand, larger than previous estimates
England manager Fabio Capello could be facing a tax bill of up to £7.5m when
Italian authorities conclude their inquiry into his finances later this month.
The investigation centres around his failure to declare £7.5m in income
between 2000 and 2005, half of which was severance payments from his former
employer AS Roma.
Italy’s tax police, the Guardia di Finanza, have been looking into Capello’s
offshore interests, and the amount it plans to seek from him is made up of
unpaid tax, fines and interest.
A senior investigator told
The
Sunday Times: ‘Our belief is that setting up companies outside Italy enabled
Capello not to declare all his earnings.’
Alberto Moro Visconti, Capello’s lawyer, said: ‘It’s very difficult to make
comments in this affair because the tax police have not yet filed their report.
We don’t know what conclusions they reach and how. I can only say that we are
certain that all the taxes that had to be paid were paid. We have not evaded
anything.’
Further Reading:
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