Home buyers warned cut in stamp duty will lead to big jump in monthly mortgage bills September 21, 2022 Home buyers could end up paying much bigger monthly mortgage bills if the government goes ahead and scraps or cuts stamp duties. Ahead of Chancellor Kwasi Kwarteng’s mini-budget on Friday, The Times reported that radical plans to cut stamp duty are in the pipeline as part of efforts to boost economic growth. Downing Street refused [...]
Hedge fund trader should stand trial in Denmark over £1.5bn tax fraud scheme, court rules September 20, 2022 A British hedge fund trader should stand trial in Denmark over claims he helped defraud the country’s tax authorities of more than £1bn, Westminster magistrates court has ruled. A London judge said trader Anthony Mark Patterson should be extradited to Denmark to face two charges concerning his alleged role in the £1.5bn tax fraud scheme, [...]
London hedge fund trader hiding in Dubai told to pay staggering £1.1bn to Danish taxman September 16, 2022 A British hedge fund manager and financier was slapped with a tax bill of more than £1bn. The man, accused by Denmark of masterminding a massive tax fraud, has been ordered by a Dubai court to pay Copenhagen’s tax authority £1.1bn, court filings show. The order by the Dubai Court of Appeal against Sanjay Shah [...]
Brits benefit from £27bn in tax relief incentives but warned trend is slowing September 7, 2022 Brits benefited form tax incentives to the tune of £27bn last year, but a warning has been aired about the trend slowing. Numerous schemes are available to savers and investors, with the biggest gains being income tax relief on pension contributions, at a staggering £22.5bn, while relief on ISAs reached £3.7bn. However, the figures from [...]
UK’s review of remote working holidays sparks tax crackdown fears September 1, 2022 The UK’s Office for Tax Simplification (OTS) has opened a review into those who work abroad remotely, in a sign the government may soon begin to crack down on remote working holidays. The OTS has begun collecting data on people who work for UK companies from abroad, following a major uptick in the numbers of [...]
Company Voluntary Agreements plunge as taxman tightens debt recovery rules August 22, 2022 The number of struggling firms striking Company Voluntary Arrangements (CVAs) with creditors has plunged 47 per cent in the past year after tax authorities tightened the way they can reclaim debts, new data has revealed.
EXCLUSIVE: Number of firms fined for deliberate corporation tax misinformation hits four-year high August 22, 2022 The number of businesses fined by HMRC for deliberately obscuring their corporation tax affairs has climbed to its highest level in four years, exclusive figures obtained by City A.M. reveal. The tax man last year penalised 62 firms for purposefully sending incorrect information to possibly slash the amount of corporation tax they pay, up 35 [...]
Whistleblowers play key role in crackdown on furlough fraud as HMRC gets nearly 14,000 tip-offs August 16, 2022 13,775 whistleblower reports have now been received by HMRC about fraud against the furlough scheme as people report their employers, and ex-employers, City lawyers have told City A.M. HMRC is now stepping up its enforcement activity with a view to recovery, issuing penalties and pursuing prosecution or directors disqualifications where appropriate. There were many complex [...]
Economic slowdown set to hit legal sectors’ bumper profits, new research shows August 11, 2022 The past year’s boom in dealmaking acted as a boon to the UK’s legal sector in leading to a major uptick in work for British clients. However, the economic downturn could reverse law firms’ fortunes and dent their profitability, new research from Thomson Reuters shows. Global law firms operating in the UK market saw their [...]
Axiom founder sentenced to 14 years in prison over £100m ‘no win, no fee’ investment fraud August 11, 2022 The founder of a Cayman Islands headquartered fund, that bankrolled ‘no win, no fee’ lawsuits, has been jailed for 14 years for using millions in investors cash to finance his own extravagant spending habits. Axiom Legal Financing Fund founder Timothy Schools was today sentenced to 14 years in prison at a hearing at Southwark Crown [...]