Sold a Property? HMRC has clarified that, with one exception, a CGT property return must be filed even if the disposal has already been reported on a self assessment return. The government introduced the requirement to report disposals of UK residential property and pay the capital gains tax (CGT) arising within 60 (previously 30) days of completion on […] By Lisa Brownlow, 27 July 2022
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Cutting taxes would be a mistake, says IMF While several of the candidates vying to become the next Prime Minister have promised to cut taxes, the International Monetary Fund (IMF) has warned it might be better to raise taxes instead. Mark Flanagan, who leads the IMF’s UK team, said: “I think debt-financed tax cuts at this point would be a mistake.” He warned […] By Lisa Brownlow, 25 July 2022
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Treasury has room to make £60bn in tax cuts Soaring inflation and freezes to income tax thresholds mean the Treasury is set to take £60bn more in taxes by 2025 than it is now predicting, according to the Centre for Economics and Business Research (CEBR). Economists at the think-tank say higher inflation means a bigger economy, handing the Treasury an extra £133bn a year […] By Lisa Brownlow, 22 July 2022
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HMRC takes tougher stance on tax evasion HMRC is taking an increasingly tough stance towards tax evaders, according to new analysis from Pinsent Masons, with officials looking to balance the books. The number of individual taxpayers charged with tax evasion has jumped 11% in a year, from 304 to 336. HMRC also issued nearly 90,000 penalties over mistakes in self-assessment returns in […] By Lisa Brownlow, 21 July 2022
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Bernie Ecclestone charged with fraud after UK tax investigation Former Formula One boss Bernie Ecclestone has been charged with fraud by false representation following an investigation by the UK tax authorities. The 91-year-old faces charges over an alleged failure to declare to HMRC overseas assets worth more than £400m, the Crown Prosecution Service said on Monday. Simon York, director of fraud investigation service at […] By Lisa Brownlow, 20 July 2022
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Apple’s UK stores paid just £800,000 tax last year Apple’s UK retail arm used an employee stock option scheme to reduce the tax bill of its retail division to £796,000 last year. The company made pre-tax profits of £38.2m on sales of £971.5m in the year to September 25. Apple reduced its tax bill by £9.2m after an increase in its share price led […] By Lisa Brownlow, 19 July 2022
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