HMRC To Ask The Rich What They Think About Paying Tax

HMRC is spending £80,000 trying to find out how Britain’s wealthiest taxpayers feel about tax compliance. Researchers want to speak to these rich taxpayers but feels few will want to help the inquiry. The target for the report is anyone earning more than £20 million a year as their tax affairs are handled by personal […]

HMRC, HM Revenue And Customs

HM Revenue and Customs (HMRC) is the agency tasked with collecting the money the government declares everyone should pay in tax. The agency also oversees the payment of some state benefits, such as child benefit, and plays a regulatory role supervising compliance with legislation such as the national minimum wage. Established in 2005, the department […]

Investors Lose Tax Breaks For Flouting EIS Rules

Tax experts are warning Enterprise Investment Scheme (EIS) that claiming relief is complicated and it’s easy to fall foul of the rules. Two recent cases before tax tribunals look at EIS and capital gains tax – and the same rules apply to the smaller Seed Enterprise Investment Scheme (SEIS). Tax advisers Gabelles are concerned taxpayers […]

Tax Man’s Axe May Fall On Canada QROPS

Canada Qualifying Recognised Overseas Pension Schemes (QROPS) look like the next contenders to bite the dust in the British tax man’s clear out of offshore pension schemes that pay out to the under 55s. Most Canada QROPS have few age restrictions allowing retirement savers to cash in their funds when they like. This contravenes the […]

Don’t worry about moving your money offshore

Many expats make the mistake of believing their income and assets are safe from the long arm of the UK taxman once they move abroad – but this is not necessarily true. Leaving the UK without following the right procedure can mean huge tax penalties and surcharges. For instance, transferring a UK pension fund in […]

Start-Ups Fail To Cash In On SEIS Tax Breaks

Many entrepreneurs are not cashing in on the benefits of massive tax breaks offered by the government-backed Seed Enterprise Investment Scheme (SEIS). Although more than a thousand companies have applied for SEIS approval from HM Revenue & Customs, many other business that could benefit from start-up incentives could still be missing out on funding. The […]

The Official QROPS List – What It Is And What It Isn’t

The Qualifying Recognised Overseas Pension Scheme (QROPS) list published by HM Revenue & Customs is not really a definitive list of offshore pensions at all. It’s difficult to describe the list – in fact it’s really easier to say what it isn’t. The list is not a definitive list of all QROPS – Some schemes, […]

Seven Reasons To Choose A SEIS Instead Of An EIS

Investors can pick up some great tax breaks by making equity investments directly into new start and expanding companies, and here are eight good reasons to choose the seed investment enterprise scheme (SEIS). Income tax relief in a SEIS is 50% regardless of the investors tax rate rather than 30% in the Enterprise Investment Scheme […]

IFAs Should Not Fear Explaining QROPS Options

Many independent financial advisers are reluctant to explain your offshore pension options if you are about to become an expat – mainly because they fear giving poor advice about Qualifying Recognised Overseas Pension Scheme s (QROPS). IFAs are in a quandary over QROPS. They are damned if they give advice about a product they know […]

Isle of Man Is Top Of The QROPS For Advisers

The Isle of Man is the top adviser choice as home for a QROPS, Qualifying Recognised Overseas Pension Scheme, according to a new study. A third of IFAs (32%) opted for an Isle of Man QROPS over the thousands of others offered by 46 financial centres worldwide. With 221 QROPS, the IoM has the third […]