Tax Avoidance and Tax Evasion

The list below is a collection of articles that refer to, mention or discuss Tax Avoidance and Tax Evasion.

Tax Havens Are Not All Villains, Claims Study

Offshore finance centres are not the hotbeds of tax evasion everyone seems to believe, according to a new study. Debunking myths about tax havens, think tank the Institute of Economic Affairs argues tax havens have a key economic function helping the wealthy and businesses with tax planning. And although this is seen as controversial by … Read more

Discredited Film Tax Scheme Is £250m Own Goal For Soccer Stars

English Premier League soccer stars face bills adding up to £250 million after pouring cash into a discredited tax avoidance scheme. Nearly 150 players are caught up in the scandal. Many face financial ruin if they cannot pay the massive bills sent out by HM Revenue & Customs. One former Manchester United household name pumped £33 … Read more

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IRS To Close Door On OVDP For Offshore Tax Dodgers

US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have owned up about their offshore … Read more

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Promises To Tackle Tax Evasion Fall Flat

taxes

A promise that cracking down on tax evasion through offshore havens would raise more than £1 billion has backfired. The UK Treasury and HM Revenue & Customs launched an attack on taxpayers hiding their wealth in secretive offshore banks and financial institutions such as Switzerland and Liechtenstein several years ago. The aim was to root … Read more

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How To Hide Cash In An Offshore Tax Haven

Funnelling money through an offshore tax haven is not illegal – providing the idea is not to hide the true extent of your wealth from the tax man so you pay less tax than you should. How international corporations and wealthy individuals keep their wealth offshore is exposed in the Paradise Papers, which are millions … Read more

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Saving Tax By Exploiting The £1 Pension Tax Loophole

British Pound Coin on a table with a 1 penny

You know a law is wrong when pension savers must resort to exploiting a £1 loophole to avoid paying tax they do not owe anyway. But that’s just what hundreds of retirement savers are having to do because of a kink in the law that says if you take money from a pension, HM Revenue … Read more

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Avoid Tax Late Filing Penalties With This Loophole

The filing deadline for UK self-assessment is ticking away – but it’s not too late to avoid a fine if your paperwork is not ready. A work round exploited by accountants can easily stop HM Revenue and Customs (HMRC) charging a £100 automatic penalty and give late filers some breathing space to finalise their figures. … Read more

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Personal Tax Inspectors – The Ultimate Status Symbols

What do you give someone who is so wealthy that they are one of the top earners in Britain? Their own personal HM Revenue and Customs (HMRC) official to personally look after their taxes of course. HMRC has admitted the ultimate status symbol for Britain’s 6,500 richest individuals is a tax inspector responsible for ‘building … Read more

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Black Money Flushed Out Of The Dark

Everyone’s watched a movie or TV show with a pay-off to crooks of a $1 million in $100 bills comfortably fitting in one of those aluminium briefcases. Fiction highlights a real problem for law enforcement worldwide – a lot of money can fit into a small space with high denomination notes and that makes bribery … Read more

Why Are Americans Giving Up Their Passports?

USA Passport

Record numbers of taxpayers are giving up their US passports – but no one is sure why or even if they are Americans or why they are leaving the country. In the three months to September 2016, 1,380 taxpayers renounced US citizenship, says the US Treasury. All their names were provided in an official listing, … Read more

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