tax

Tens of thousands of small businesses could be fined by the taxman in the New Year for failing to keep proper tax records.

The current timescale for new income drawdown rules to come into effect will make no sense to advisers and their clients, according to A J Bell marketing director Billy Mackay.

Tax reliefs on VCTs and Enterprise Investment Schemes (EISs) as well as some pension contributions and life insurance policies will be reviewed, and potentially scrapped, by the Office for Tax Simplification (OTS).

Prudential deputy chief executive Barry O'Dwyer has welcomed the Treasury's new draft rules for retirement options, but warns there may be problems ahead for value guaranteed annuities.

The Treasury has banned groups of companies from using intra-group loans or derivatives to reduce their tax bills, as part of a widespread clampdown on business tax avoidance.

Exchange-traded product provider Source has confirmed all its ETCs will gain UK reporting status, making them eligible for capital gains tax treatment.

The Treasury Committee has launched an inquiry into Britain's tax policy to find out how it can be used to encourage economic growth.

Many tax reliefs could be scrapped as the Office of Tax Simplification (OTS) begins reviewing over 1,000 business and individual allowances and exemptions.

A Treasury sub-committee today launches an inquiry into HMRC's effectiveness and administration, following several thousand cases of over and under-paid income tax.

HMRC has admitted millions more people than previously thought could be affected by recent PAYE problems.