tax

A multi-millionaire businessman who became a Labour minister last week has admitted holding part of his personal fortune in an offshore tax haven which experts say could have helped him avoid £3m in tax, reports this morning's Times.

Law firm DLA Piper Rudnick Gray Cary is urging taxpayers to register their views through a consultation currently under way into the powers, deterrents and safeguards of HM Revenue and Customs, which was formed this year.

For the past few years, development of the EU Financial Services Action Plan along with other great UK government initiatives has been the bane of most IFAs' lives.

Pensioners may have seen their incomes rise by close to a third in the past decade, but council tax has clawed this back and then some, according to figures published by Key Retirement Solutions.

The Labour Party has promised to invest almost £400m over the next three years in the development small businesses through two schemes which will encourage companies to invest through the bond and equity markets.

A ruling in a tax case involving a husband/wife business will not hit the hundreds of thousands of similar firms says accountant BDO Stoy Hayward.

The Inland Revenue and HM Customs and Excise have jointly launched a consultation to reform the departments' powers and tax collection processes which it hopes will lead to taxpayers complying with rules voluntarily.

The Treasury is still discussing whether to scrap plans for a tax on with-profits funds after consultation with the industry, despite hopes it would be scrapped today.

GORDON BROWN is gaining millions of pounds a year for the Treasury by leaving tax allowances and thresholds in line with inflation, says this morning's Times newspaper.

An IFA is urging former property owners continuing to 'use and benefit' from the property to be aware of new tax rules taking effect on 6 April.