A property development company has failed in its attempt to avoid paying tax on a property sale by creating a “loss” of £1.6 million. It used a scheme that involved buying and surrendering investment bonds issued by a life assurance company.
A tax avoidance scheme designed to avoid VAT on car repairs that could have cost the Exchequer £600 million a year has failed after a successful challenge by HM Revenue and Customs (HMRC).
Bristol and West, owned by the Bank of Ireland, has lost an attempt at Tax Tribunal to avoid paying around £30 million tax on a £91 million gain. The company transferred a swap contract to another Bank of Ireland subsidiary in a flawed attempt to exploit what it thought was a loophole in the tax rules.
FTSE 100 company Land Securities has lost a court battle with HM Revenue and Customs (HMRC) that could have cost the UK at least £60 million.
An advertising campaign warning tax cheats to declare all their income before it is too late was launched today by HM Revenue & Customs (HMRC).
Figures released by HM Revenue and Customs (HMRC) today estimate the tax gap for 2010/11 at £32 billion, or 6.7 per cent of tax due, compared to 7.1 per cent in 2009/10.
HM Revenue & Customs (HMRC) has won a key court case defeating a widely-marketed scheme to avoid stamp duty land tax. The decision, subject to any appeal, could save more than £170 million for the UK Exchequer.
HMRC has won three key court decisions against tax avoidance schemes during July.
