The next chair of the UK’s Financial Conduct Authority said he made an “error in judgement” when he used a tax avoidance film scheme promoted by Ingenious, a firm that has lost several court battles against HM Revenue & Customs.
HM Revenue & Customs has reported a surprise drop in the annual tax enveloped dwellings (ATED) take, which is payable mainly by companies that own UK residential property valued at £500,000 or above.
Despite the picture painted in the BBC’s recent McMafia series, the UK is not necessarily awash of dubious foreign wealth. But what is the UK doing to clampdown on money laundering and increase transparency?
This policy approach continued when capital transfer tax became inheritance tax in 1986. In the course of the following 32 years, inheritance tax has become a major worry for ordinary people up and down the length of the UK.
“This is a system built around the needs of the Treasury and the bureaucracy, not one which puts people first,” Webb said.
HMRC’s new approach to historical tax irregularities could see more taxpayers being named and shamed. This could have serious financial and reputational risk for taxpayers, and there is an urgent need for further clarification from HMRC on what the