HMRC Launches Investigation into COP9 Cases Increase
We have over the last several months noticed an increase in HMRC Code of practice 9 (“COP9”) investigations following a recent reorganisation of HMRCs Fraud Investigation Service. COP9, is a serious civil investigation designed to encourage taxpayers to disclose their tax positions or face potential criminal investigation and prosecution. The increase in the number of COP9 investigations underscores HMRC’s commitment to tackling tax evasion and ensuring tax compliance in the UK.
HMRC Remuneration Trust Settlement Opportunity – what do I need to advise clients?
In this Pannu Tax update, we explore HMRCs recently announced Remuneration Trust Settlement Opportunity (“RTSO”). If you have a client who has an outstanding remuneration trust arrangement, you should read this..
HMRC Alternative Dispute Resolution – does it work?
In this Pannu Tax update, we review HMRCs Alternative Dispute Resolution (ADR) process and share our recent experiences and tips on how to achieve the best outcome for clients.
IMPORTANT INFORMATION – COVID-19 UPDATE
Pannu Tax Ltd is taking the spread of Coronavirus (COVID-19) extremely seriously. Our number one priority is the safety and wellbeing of both our customers, our clients and our staff and providing a safe environment for all.
The 2019 Loan Charge Review – what’s the impact for clients?
Welcome to our first update of 2020 of what's new and relevant in the world of HMRC, tax disputes and investigations. 20 December 2019 saw publication of the eagerly awaited report by Sir Amyas Morse on the 2019 Loan Charge provisions following his independent review, together with the Government's response.
Requirement to Correct Provisions
A lot has already been written about the new 'Requirement to Correct' provisions coming into effect on 30 September 2018. In brief, the legislation introduced in last year's Finance (No 2) Act requires taxpayers to disclose outstanding undeclared offshore liabilities for income tax, CGT and IHT to HMRC before 30 September 2018 or face draconian penalties in the range 100% to 200% of the tax involved.
What's driving the recent increase in COP9 & COP8 investigations?
While HMRCs drive to tackle evasion and avoidance may be old news, it looks as though we are now seeing a further ramping up of compliance activity and investigations from HMRC elite investigation units: Specialist Investigations ("SI") and the Fraud Investigation Service "FIS").
The "Paradise Papers" - what's the likely fall out?
With the ongoing disclosures relating to the “Paradise Papers” we reflect on our experiences of the impact this type of media interest has on clients and what's driving an increasing number of them to approach us in relation to their offshore structures and assets. We also announce a new member of the Pannu Tax team whose arrival further strengthens our ability to provide quality advice to clients at a reasonable cost.
The Rangers EBT Supreme Court decision - what next for clients?
In this update we review the decision of the Supreme Court in the 'Rangers EBT' case and look at what clients might now expect from HMRC and their options going forward. The nature of the decision appears broad enough to impact most situations where a HMRC believe a 'disguised remuneration' scheme has been used (not just EBT arrangements).
Clavis Trust/Herald Services Ltd Employee Benefit Trusts
In this update we provide news of recent developments in HMRCs approach to their investigations into the Clavis Trust/Herald Employment & Recruitment Services Ltd ('HERS') Employee Benefit Trusts, and what this means for clients. If you have clients who implemented these arrangements, please read this update.
NT Advisors
In this update we have some 'hot off the press' news relevant to clients who implemented the NT Advisors 'Caledonian' scheme (also referred to as 'Alanis'). Following recent discussions with HMRC on behalf of clients, we have been advised that a new settlement opportunity will be opening shortly. If you have clients who have implemented these arrangements, please read this update.
Disguised remuneration 'loan charge'
In this update we clarify some important issues relating to the proposed disguised remuneration ‘loan charge’ due to come into effect in April 2019. This clarification comes following our recent communication with HMRC Policy. If you have clients who have outstanding EBTs, EFRBs or similar arrangements, please read this update.