Author Topic: Newsview :MPs tell HMRC to speed up tax probes  (Read 107 times)

Description:

0 Members and 1 Guest are viewing this topic.

News View

  • Guest
Newsview :MPs tell HMRC to speed up tax probes
« on: November 19, 2014, 12:00:11 AM »

NEWSVIEW PRESENTS

NewsView

Your View - thats NewView


MPs tell HMRC to speed up tax probes


HMRC headquartersHMRC has been criticised by the Public Accounts Committee.

The Public Accounts Committee has criticised HM Revenue & Customs for its "unacceptably slow" action against tax avoiders.


Margaret Hodge, chair of the committee, said the inaction was putting tax revenues at risk: "HMRC must do more, faster."


She said the Liberty scheme was closed down in 2009, but was not taken to a tax tribunal until this year.


"This may be just the tip of the iceberg," Mrs Hodge said.


Slow progress

Up to £10m of the total £400m tax at stake from the 2,000 users of the Liberty avoidance scheme may not be recoverable because in 30 cases HMRC failed to start inquiries into personal tax returns within the 12 month deadline, the Labour MP said.


"Although HMRC says Liberty was an exceptional case among the 750,000 personal tax return inquiries each year, it was unable to tell us how much delays had cost across the different tax avoidance schemes," she said.


The committee members were also concerned about slow progress in acting on information from the Falciani list, which identified 3,600 UK individuals potentially avoiding tax using Swiss bank accounts.


They called on HMRC to use the new powers granted by parliament to tackle tax avoidance and report on its progress.


Taxing companies

The MPs also said that Revenue & Customs failed to properly tackle companies that took advantage of international tax structures to reduce their UK liabilities.


"Some international tax experts believe that the UK's tests for companies to gain tax residency are less rigorous than in other EU jurisdictions.


"Research into seven companies who have recently relocated to the UK for tax purposes showed very little inward investment was generated or jobs created in the UK in return for the tax benefits the companies receive," Mrs Hodge said.


"HM Treasury and HMRC should provide the committee with details of progress in identifying and addressing the ways that international tax structures are exploited, and set out the actual costs and benefits of recent changes to the UK's tax regime."


In December 2013, the MPs accused HMRC of "losing its nerve" when mounting tax prosecutions against multinational corporations.


The committee also highlighted the £1.9bn error made by the tax authorities when setting a baseline for its compliance work. The mistake went undetected for three years.



Source: MPs tell HMRC to speed up tax probes




Daily Newsview: see more @ Faithwall

Register on faithwall today @ http://www.faithwall.co.uk/








http://www.faithwall.co.uk/index.php/2217-mps-tell-hmrc-to-speed-up-tax-probes
http://www.faithwall.co.uk/index.php/groups/faithwall-categories-and-articles/10-general
http://news.bbcimg.co.uk/media/images/79086000/jpg/_79086172_87143644.jpg



NEWSVIEW PRESENTS

NewsView

Your View - thats NewView