Billion pound haul for taxman from accelerated payments
The introduction of accelerated payments for disputed schemes brings in a mega haul for HMRC
The introduction of accelerated payments for disputed schemes brings in a mega haul for HMRC
A BILLION POUNDS has been collected by the taxman in advance payments, under its new scheme to aggressively tackle tax avoidance.
The billion pound mark has been hit by HM Revenue & Customs, using powers gained in 2014/15 to collect disputed tax upfront – in a further attack on tax avoidance.
“The Government will not tolerate tax avoidance and accelerated payments has been a real game changer,” said financial secretary to the Treasury David Gauke (pictured).
“It is no longer possible for these individuals to avoid tax and sit on the money while their affairs are investigated. This first £1bn received in accelerated payments shows that we are turning the tables on those looking to avoid paying their fair share.”
Attempts to question the legality of the APNs have so far failed, with a High court challenge by investors in Ingenious Media film partnerships failing.
HMRC said it expects to issue 64,000 accelerated payment notices to individuals and businesses currently involved in tax avoidance schemes. In 2014/15, around 10,000 accelerated payment notices were issued to people involved in tax avoidance schemes.
The payments scheme was introduced in the Finance Act 2014 and National Insurance Contributions Act 2015. The notices apply where schemes are subject to existing tax avoidance disclosure and anti-abuse rules, where a similar scheme has been defeated in the courts.
More about:
The numbers you crunch tell a story. Your expertis...
9yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWith proposals for an Amazon tax on the table, how can the UK tax system catch up with the implications of the Fourth Industrial Revolution? Read More...
View articleGlobal corporations are under increasing scrutiny over how much corporation tax they pay. So who are the latest big names hitting the headlines over t...
View articleThe EU is deeply divided over how to increase the tax take from tech giants such as Google, Apple and Amazon, who have recently come under fire for be...
View articleTo avoid falling foul of HMRC's tax crackdown, small businesses now have to be much more vigilant when it comes to tax matters, and it's an ideal oppo...
View articleLaw firm warns that HMRC focus on entrepreneur’s relief could prompt increase in avoidance scheme usage Read More...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleBillions of pounds of infrastructure investment planned; but tax tinkering still looms following Philip Hammond's first Autumn Statement Read More...
View articleAs advisers prepare for another Autumn Statement, they and their clients hope to avoid the grip of more red tape Read More...
View article