Tax Planning

A failure by HM Revenue & Customs (HMRC) to reduce errors and fraud in the tax credit system has "cost the taxpayer dear", a group of MPs said, after the tax authority admitted it would miss its target by £5bn.

Celebrities, bankers and football stars have been caught up in an alleged £125m tax fraud after putting their money into failed film investment plans.

Bereaved families are being hit with inheritance tax bills totalling up to £177m due to the way life insurance policies are being paid out, according to HM Revenue & Customs statistics.

The government has launched a consultation on allowing the transfer of existing savings from Child Trust Fund (CTF) accounts into Junior ISAs (JISAs).

Pension provider Scottish Widows has been told it cannot reclaim almost £100,000 it mistakenly paid to a divorcee three years ago.

FIVE THINGS

A joint investigation by the UK, the US and Australia to identify those using offshore tax havens to hide wealth has uncovered more than 100 people.

HM Revenue & Customs (HMRC) has begun a probe into more than 200 advisers, lawyers and accountants suspected of using offshore trusts to illegally evade UK tax.

MPs have called for a ban on external accountants working in government to prevent them passing on knowledge of tax loopholes to benefit clients.

VCTs