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Contractual Disclosure Facility under Code of Practice 9

In 2012/13 HMRC raised revenue in excessof £20.7 billion from their tax investigations and enquiry work and various voluntary disclosure facilities. This was £2 billion more than their target for the year. HMRC are putting very significant resources into the investigations field and it seems logical that this will continue, particularly as the yield drops…

EFRBS and other DOTAS schemes

In his Autumn Statement on 5 December, the Chancellor of the Exchequer announced proposals (followed by draft legislation on 13 December) to put in place a requirement for taxpayers to settle tax disputes and make payment of the disputed tax on receipt of a “Follower Notice” issued by HMRC stating that their case is on…

Autumn Statement Bulletin

Happy Christmas and a prosperous New Year from everybody at Trident Tax Whilst we look forward to the Christmas break and spending some time away from work we are left pondering the changes to the UK tax system that await us in 2014/15. The Chancellor’s autumn statement announced significant new initiatives that will need to…

EFRBS Update: HMRC Settlement Offer

Since issuing our Newsletter on HMRC’s Settlement Offer for EFRBS on 30 November, we have been helping a number of companies in exploring their options in relation to the offer. Some of the additional insights which we have gained from those cases may be worth sharing with companies which have not yet made a decision…

EFRBS: HMRC Settlement Offer

As expected for some time, HMRC recently announced its Employer Financed Retirement Benefit Schemes (EFRBS) settlement opportunity. Broadly, HMRC’s position is that a corporation tax deduction is not allowable for EFRBS contributions until a payment has been made out of the EFRBS on which PAYE & NIC has been accounted for. As an alternative, HMRC…

New UK inheritance tax rules on debts

New tax legislation has been introduced in the UK to restrict the use of certain types of debts for inheritance tax (IHT) purposes. The changes will be of particular interest to banks, trustees and all those who advise in relation to IHT. The restriction on the use of debts may apply in 3 different circumstances…