IFA News

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Another Win for HMRC in Tax Avoidance Case

HM Revenue and Customs has defeated a tax avoidance scheme used by the wealthy to reduce their tax bills.

The decision on the scheme, known as Clavis Liberty Fund 1 Limited Partnership, means £18m of tax money will be paid to HMRC, cash that ultimately goes to the government to be used on public services.

HMRC said the Upper Tribunal’s […]

Credits roll on tax breaks for film investors

High-risk venture: tax breaks which financed James Bond are coming under fire
Film investment schemes that have helped finance a string of hits, including the James Bond movie Skyfall, are under threat from a government review of business funding.

Curbs to the Enterprise Investment Scheme (EIS) — where investors are given tax breaks for backing high-risk ventures […]

Bank ‘forced analyst to change critical report’

Jefferies accused of yielding to pressure to win clients

The City watchdog is investigating an American investment bank over claims that senior managers improperly interfered with the work of analysts in its research department, an employment tribunal was told yesterday.

Jefferies is facing claims from Milan Radia, one of its former leading analysts, that he was forced […]

HMRC crackdown brings in £29bn from tax dodgers

HMRC brought in an extra £29bn by cracking down on the minority of individuals and businesses who try to not pay the tax they owe.

The figure is revealed in its annual reports and accounts for 2016/ 2017 published on 13 July, which also showed improved customer service.

Last year was HMRC’s seventh consecutive year of record total […]

Warning from senior figure as advisers told to act early or risk disappointment when looking for EIS investments this year

A senior figure in the EIS community is warning advisers that they should start their EIS ‘season’ early, way before the traditional period of January to the end of the tax year. CEO of Kuber Ventures Dermot Campbell says that advisers should start looking at their client’s EIS needs next month if they want to avoid any problems […]

Rooney faces £3.5m bill through ‘tax avoidance’

England captain challenged by Revenue and Customs over suspect film scheme.
Wayne Rooney is facing a £3.5 million charge after tax authorities challenged a suspected avoidance scheme in which he was the largest investor.

The football star, who will captain England in today’s World Cup qualifier against Malta, has been told that Revenue and Customs believes he […]

‘IFAs as enablers’: How HMRC will target advisers behind tax avoidance schemes

HM Revenue & Customs has set out how its plans to impose fines on firms promoting tax avoidance schemes will work in practice.

In a consultation paper on strengthening tax avoidance penalties and deterrents, HMRC includes IFAs within its proposed definition of a tax avoidance “enabler” because it says they can benefit through fees and commissions by marketing […]

CIDG Launches its Round 2 EIS Raise with HMRC Advanced Assurance

Set up in February 2015 by industry professionals, Compare Investments Dot Guru (CIDG) has formulated a comprehensive strategy to become the only source of impartial and trusted financial product comparisons and reporting in the marketplace today. CIDG already reports on and compares, most of the readily available Alternative Investment products today. Furthermore, it does this […]

Ingenious hits back at ‘false’ HMRC claims in film partnership case

Film partnership firm Ingenious has hit back at HMRC for “deliberately confusing” the scheme with proven tax avoidance schemes.

Ingenious chief executive Neil Forster has accused HMRC of making assertions that are “factually wrong” and for incorrectly linking it to tax avoidance scheme Icebreaker.

The comments come after both HM Revenue and Customs and Ingenious film partnerships claimed to […]

‘Scandal’ of the advisers who keep fees secret

HOW easy is it to compare the cost of advice? Not very, it seems.

Of the largest 100 independent financial advisers (IFAs) in Britain, only 11 publish charges on their websites. The rest typically require a face-to-face meeting as they argue that costs depend on the complexity of an individual’s circumstances.

Critics say some people will feel […]