HMRC

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HMRC withdraws 6,000 demands for upfront tax payments

HMRC has decided to withdraw 6,000 of its controversial notices that require tax penalties to be paid upfront, the Financial Times reports. Accelerated payment notices were introduced in 2014 as part of a crackdown on tax avoidance and give recipients 90 days to settle up. They allow HMRC to collect money from people it deems […]

Footballers face £250m bill over tax avoidance scheme

HM Revenue and Customs is investigating the tax affairs of 129 footballers as part of a crackdown on tax avoidance, The Mirror reports. The papers says that in total the players put £250m into the alleged tax avoidance scheme after consulting financial advisers Kingsbridge Financial, which went into liquidation in 2015. The scheme Kingsbridge recommended […]

Govt spending on pensions tax relief stabilises

The cost of pensions tax relief remains largely unchanged, according to annual estimates published by HM Revenue & Customs. The figures, published today, show the cost of pension tax relief rose slightly to £38.6bn in 2016/17 from £38.5bn in 2015/16. The new data show a contrast to 2015/16, where the cost of tax relief leaped by […]

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Scottish savers told to notify HMRC to get extra 1% tax relief

HM Revenue & Customs has published guidance on how new income tax bands in Scotland will affect pension schemes and their members. The note is a response to the Scottish Government’s confirmation it will introduce five income tax bands for 2018/19. Pension savers in Scotland currently receive pension tax relief at their marginal rate but […]