Current Affairs

Sick as a Parrott

Former Rangers players and staff paid through an offshore trust have been told they have weeks to approach HMRC over a settlement or face an even larger tax liability. Last year, the Supreme Court upheld a Court of Session ruling that £47m paid to Rangers employees between 2001-2010 from an Employee Benefit Trust (EBT) was taxable employment income. Now beneficiaries of the EBT, many of whom were led to believe these were loans that would not have to be repaid, are being warned ... Read More

HMRC’s Requirement to Correct Offshore Tax Irregularities

As previously highlighted, higher HMRC penalties take effect from 1 October this year in relation to ‘offshore’ tax matters. The new regime, known as ‘requirement to correct’ (RTC), imposes some very penal charges where UK tax is found to be underpaid in connection with a jurisdiction outside the UK. That said, to put this in context, where a tax liability is found to be payable in connection with a ‘non-UK’ matter, the default penalty under RTC is 200% of the tax due, and ... Read More

Playing a Let

Rent-a-room is a tax relief available individuals who let out a room/s in their home whilst occupying the property at the same time, for example to long-term lodgers, students, individuals working away from home during the week, tourists and short-term visitors – such as those visiting London to attend Wimbledon. It was originally introduced in the UK in 1992 by the Government to try and encourage individuals to let out their spare rooms. The individual is not required to own the property ... Read More

Visa Go Go!

It has been reported in the papers that there has been a sharp rise in applications for the UK’s £2M Tier 1 (Investor) Visa. Often referred to as the “Golden VISA” this allows individuals from outside of the EU to come to the UK for 40 months, with an option to extend for a further 2 years. In exchange for the Investor Visa, the applicant must invest £2,000,000 or more in UK government bonds, share capital or loan capital in active and ... Read More

Game, Set & Tax

This year’s Wimbledon winner will net a cool £2.25M in prize money. Not bad for spending a few weeks in the London sun and playing some tennis! But that’s just the cream on the strawberry as they say in SW19… The games stars could be earning endorsement income and bonuses ranging from $5-$30M a year too. Those deals could be in place for endorsing racquets, apparel, watches (usually Swiss!) or for wearing logo'd patches of brands all of who want TV and print ... Read More

US Passport denied due to unpaid taxes

Future passports applications will be at risk of being denied due to unpaid taxes, affecting thousands of Americans. Details have emerged from IRS officials on the enforcement of a law congress passed in 2015. In a move to make Americans settle their debts, the IRS and State department are to deny or revoke passports for taxpayers who have more than $51,000 of overdue tax debt. Taxpayer names are already being passed on to the State department by the IRS, with some taxpayers ... Read More

EBTs, Contractor Loans and HMRCs Settlement Offer

Freelance workers must declare any tax-avoidance schemes they have used by 30 September or face punitive penalties. HMRC are targeting 000’s of contractors who were paid by via loans from Employee Benefit Trusts and similar arrangements going back to 1999. HMRCs view is that these arrangements were artificial and are disguised remuneration which should be subject to income tax. It’s important that those affected come forward to settle with HMRC and avoid a loan charge on top of demands for repayment. This would be a nasty sting ... Read More

TAP Year-End Tax Tips

Please click here for our 2017/18 year end personal tax planning tips. Read More

Requirement to Correct : Cleaning up any offshore tax issues

Finance (No. 2) Act 2017 introduced new Requirement to Correct (RTC) legislation which is targeted at non-complicance in respect of offshore tax matters. Taxpayers who know or suspect that they have unpaid tax relating to overseas assets, income or activities need to act before the 30 September 2018 deadline. Failure to take corrective action will result in much higher penalties being applied for their non-compliance. From 1 October 2018 the minimum penalty will be 100% of the tax owed, but ... Read More

TAP Advise on Feel Good Group Private Equity Deal

Russ Cahill our Corporate Tax Partner advised on the recent Feel Good Group / Perwyn private equity deal providing providing tax advice to the management team. The Feel Good Group, is behind the well-known Tanning Shop brand one of the largest operators of it's kind in the UK. Dow Schofield Watts Corporate Finance initiated and led the transaction. Advisers to management were: legal – The Endeavour Partnership; tax - Tax Advisory Partnership. Advisors to Perwyn and HSBC were: financial ... Read More
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