Key Haven News items
- New Conference Added @10.1.16
HMRC ENFORCEMENT POWERS - THE SCREW TIGHTENS
An Afternoon Double Silk Seminar at the Law Society Thursday Feb 25th 2016
Robert Venables Q.C.
Philip Simpson Q.C.
HMRC has no difficulty in persuading our politicians to enact more and more Draconian anti-taxpayer legislation.
In 2013 the GAAR was introduced and in 2014 Accelerated Payment Notices, Follower Notices and the Promoters of Tax Schemes legislation. 2015 saw a tightening up of the DOTAS and POTAS regimes and revised penalties.
There are now proposed Penalties for the GAAR - Sanctions for Serial Avoiders -Further Widening of POTAS rules - Mandatory Publication of Tax Strategies by Businesses - Rules for Businesses which Persistently Engage in Aggressive Tax Planning - Civil Sanctions for Enablers of Offshore Evasion - Strengthened Civil Deterrents for Offshore Evasion - The Criminalisation of Accidental Tax “Evasion” - A Duty to correct past offshore tax non-compliance - A Criminal Offence of Failing to Prevent Criminal Tax Evasion - A New Threat of Retrospective Legislation.
There are published plans to extend the scope of DOTAS reporting.
A panel of barristers from Tax Chambers, 15 Old Square,, Lincoln’s Inn will discuss recent and proposed developments and how they may be challenged.
Please see the Conference Section of the website for full details.
- A New Article Added to the EC Tax Journal
A new article has been added to the ECTJ Vol.16.1:
COUNTERING HARMFUL TAX PRACTICES: THE FEASIBILITY OF COMPULSORY AND SPONTANEOUS EXCHANGE OF INFORMATION ON TAX RULINGS
Chidozie George Chukwudumogu @25.1.16
Please visit the Reveiwes Section of the website to view the article.
- New Conference Added update @ 5.1.16
'Director and Employee Taxation Post The Court of Session Decision in Murray Group Holdings (Rangers Football Club)'
Law Society's Hall, London 4th February 2016
2pm to 5.30pm
Robert Venables Q.C.
Amanda Hardy Q.C.
The astounding taxpayer defeat in the Court of Session (the Scottish equivalent of the English Court of Appeal) Advocate General for Scotland v Murray Group Holdings has monumental implications for directors, employees and their employers who are resident in or work or carry on business in any part of the United Kingdom.
It will also affect strategies for legitimate profit extraction from owner-managed businesses, the economic lifeblood of our nation.
The judgment will, if not overturned by the Supreme Court, no doubt give rise to an flurry of (purported) Follower Notices.
If the judgment is correct, much conventional vanilla planning widely engaged in for decades will be completely subverted and a new principle of employee taxation will have been introduced into UK law by judicial action.
The judgment is also important on the tax consequences of beneficiaries of employee and other trusts acting as Protectors or otherwise being given powers under employee benefit trusts and other trusts.
Have English tax advisers, lawyers and judges, as well as HMRC, been consistently wrong in overlooking the obvious?
Has Julian Ghosh Q.C. (Scotland) for HMRC had an insight all the rest of us have missed? Or has he successfully pulled the wool over the eyes of naive Scottish judges? Or does he really believe in his successful submissions?
The decision cannot simply be dismissed as simply the result of yet another absurdity of EU law, combined with petty-mindedness and protectionism, which would have allowed the taxpayer to be represented by an advocate from any other EU state from Portugal to Lithuania but prevented competent and experienced English counsel from arguing the taxpayer’s case, as they had successfully done at the two earlier appeals.
The Judgment of the Court of Session is also very important on the tax dangers of an employee or beneficiary of an employee benefit trust or other trust have an active role under the trust, whether as Protector, Appointor or Trustee.
Other matters relating to employee taxation announced in or in conjunction with the 2015 Autumn Statement will also be covered, in particular the threat of retrospective legislation.
Please see the conference Section of the website for full Programme and booking
- New Review Article TPR Volume 4.4
A new article has been added to the Tax Planning Review: TPR Volume 4.4 'Capital Gains Tax Privatge Residence Relief After FA 2015 - James Kessler Q.C. @ 5.1.16. Please see the Reviews Section of the Website for the article.
- A New Article Added to the Tax Planning Review Volume 4
An article by Amanda Hardy Q.C. has been added to the Tax Planning Review Volume 4.3:
'Inheritance Tax Planning Through Trusts' at 17.12.15.