Author: John Kavanagh
Hopes dashed for appellants in De Silva case
Hopes dashed for appellants in De Silva case The Supreme Court yesterday (15 November) handed down its judgement in the case of R (on the application of De Silva and another) v Commissioners for Her Majesty’s Revenue and Customs. The appellants in the De Silva case were limited partners in […]
Read More
The General Anti-Abuse Rule (GAAR): What’s the point?
The General Anti-Abuse Rule (“GAAR”) The General Anti-Abuse Rule (“GAAR”) first came into effect in July 2013 on the passing into law of that year’s Finance Act, introduced by George Osborne, the then Chancellor in the Coalition Government. Yet it was 4 years later when the GAAR panel issued its […]
Read More
Derry v HMRC: Failure to make correct enquiries prevents HMRC from collecting tax in tax avoidance case
Derry v HMRC The Court of Appeal handed down its judgement in the case of R on the application of Derry v HMRC on 20 June. It is a case that could be significant for individuals who have participated in marketed tax arrangements and have made claims to carry back […]
Read More
Offshore evasion: the Common Reporting Standard (“CRS”), the Requirement to Correct and HMRC
OFFSHORE EVASION: The Common Reporting Standard Our many readers who work in the offshore financial services sector will be all too aware of the attack on offshore evasion that lies behind the Common Reporting Standard (“CRS”). The CRS is a global initiative originating from the Organisation for Economic Co-operation and […]
Read More
Follower Notice penalties – a guide
Follower Notice penalties – a guide Numerous cases involving marketed tax avoidance arrangements are still making their way through the courts and tribunals. Where HMRC has won those cases and all avenues of appeal on the part of the affected taxpayers have either been exhausted or abandoned, it has begun […]
Read More
APNs, HMRC & The Courts – Guilty Until Proven Innocent?
Accelerated Payment Notices (APNS), Judicial Review and Interim Relief In over 32 years of working in tax, I find it difficult to think of any tax legislation that has been as bitterly contested, both in consultation and subsequently, as the Accelerated Payments provisions eventually enacted in the 2014 Finance Act. […]
Read More
Spring Budget 2017: Tax Issues
Spring Budget 2017: Tax issues Spring Budget 2017 was relatively uneventful from the tax point of view, compared with the 2016 Autumn Statement. As we are told that this will be the last Spring Budget, this is, perhaps, not altogether surprising. Personal Tax and NIC There were, however, the beginnings of an […]
Read More
Non-Reporting Funds and Rebasing
Non-Reporting Funds and Rebasing As our previous blog posts outlined, there are substantial changes to the taxation of long-term resident UK non-domiciliaries which take effect from 6 April 2017. The announcement in March 2016 that non-domiciled individuals who will become deemed domiciled for income tax and CGT purposes on 6 April […]
Read More
Carried Interest – when it arises and how much is the UK gain?
Carried interest – when it arises and how much is the UK gain? Our previous blog article on the new rules for the taxation of carried interest looked at their general impact on investment managers, including the introduction of the concept of income-based carried interest (“IBCI”) and the rule that […]
Read More
Dave Hartnett, Former HMRC Permanent Secretary, criticised for flouting taxpayer confidentiality
The Supreme Court has today (19 October 2016) issued a judgement criticising the conduct of Dave Hartnett, the former Permanent Secretary in charge of Her Majesty’s Revenue and Customs (HMRC), for remarks he made about Patrick McKenna, founder of the Ingenious Media Group, in an interview in The Times in […]
Read More