Compliance

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MC and LJ Ive Ltd & M Ive (TC3529)

Unpublished Special Commissioners’ decisions must stay under wraps to maintain justice and fairness

HMRC’s clampdown on tax dodging marked a new high during 2013/14, official statistics show.

An parallelled £23.9bn – raised in addition to revenue collected from compliant taxpayers – was £3.2bn more than in the previous 12 months, and almost £1bn above the target set at last year’s autumn statement.

A practical look at the tax treatment of gains by offshore trusts

HMRC are offering online tutorials to help landlords understand when and how to pay tax on property they let out.

The digital training pack is part of the Revenue’s let property campaign launched in September.

The disclosure opportunity aims at people who rent out residential property and have either not registered to pay tax, under-declared their earnings or under-paid tax.

RD Utilities Ltd (TC3440)

The US tax authority, the Internal Revenue Service (IRS), has announced a relaxation of enforcement and administration of the due diligence, reporting, and withholding provisions under FATCA for 2014 and 2015 for entities that have made “good faith efforts to comply” with the regulations. (See IRS notice 2014-33 Further Guidance on the Implementation of FATCA and Related Withholding Provisions.)