“Fair share of tax” – Does this mean anything to HMRC?

Posted at 12:11 pm on June 16, 2016 by John Kavanagh

“Fair share of tax”  – Does this mean anything at all to HMRC? If ever there was a topic nearly as hot as immigration in the minds of the general public, it is the question of who does and who does not pay their fair share of tax. What actually constitutes a fair share of tax… Continue reading

Brexit: UK tax implications

Posted at 1:59 pm on May 18, 2016 by John Kavanagh

Brexit: UK tax implications As the newspaper column inches and TV and radio schedules fill with claim and counterclaim about the benefits and disadvantages of leaving or remaining in the EU, Taxxa takes a look at Brexit’s UK tax implications. VAT VAT is the most European of UK taxes. UK VAT legislation is in essence… Continue reading

“The USA is the new tax haven”

Posted at 9:30 am on April 28, 2016 by Jonathan Brathwaite

“The USA is the new tax haven” In my previous article, we looked at Panama and some of the things we can learn from the Panama papers based on investigations so far. So why are people saying the USA is the new tax haven? Now that Switzerland no longer provides secret bank accounts, these are… Continue reading

Panama Papers – What are we learning?

Posted at 3:50 pm on April 27, 2016 by Jonathan Brathwaite

Panama Papers – What are we learning? Much has and is being written about the Panama papers and its implications for the offshore industry. I will try here to draw some conclusions about the offshore world so far. I therefore go straight to the topic of money laundering. Money laundering, as we know, is the… Continue reading

Eclipse 35 – the final death knell

Posted at 12:03 pm on April 18, 2016 by John Kavanagh

Eclipse 35 – the final death knell The members of the Eclipse 35 partnership heard on 14 April that the Supreme Court had refused their request for leave to appeal against the Court of Appeal’s decision that their activities did not amount to trading. Having lost at both the First Tier and Upper Tribunals before… Continue reading

Some tax avoidance schemes do work

Posted at 2:13 pm on April 14, 2016 by John Kavanagh

Some tax avoidance schemes do work… “Some tax avoidance schemes do work. They avoid tax by adopting a legitimate, justifiable and commercially sensible structure to achieve a result which could be achieved by other legitimate and justifiable means. Where, however, that structure is artificial or has no purpose other than the avoidance of tax, it… Continue reading

David Cameron and Tax Avoidance

Posted at 4:28 pm on April 9, 2016 by John Kavanagh

David Cameron and tax avoidance A week after the Panama Papers first surfaced, the Prime Minister, David Cameron, is facing calls for his resignation. In the public imagination, David Cameron and tax avoidance are now inextricably linked and since his  Government has loudly castigated such activity as morally repugnant, accusations of hypocrisy are in the… Continue reading

Mossack Fonseca and the journalists

Posted at 4:00 pm on April 5, 2016 by John Kavanagh

Mossack Fonseca and the journalists Armed robbers with gloved hands bundle gold bars into open-zippered holdalls. An innocent security guard is beaten up by thugs and doused with petrol. Hang on, it’s before the watershed – should they be broadcasting scary scenes from gangster movies before the kids are in bed? No, my mistake –… Continue reading

Non-Doms: Draft legislation on the new rules on deemed domicile for tax purposes

Posted at 3:53 pm on February 5, 2016 by John Kavanagh

Non-Doms: Draft legislation on the new rules on deemed domicile for tax purposes On 2 February 2016, HMRC issued the draft legislation effecting the changes to the taxation of non-doms as announced in the Summer Budget of 2015. This is the latest stage in HMRC’s consultation exercise in relation to those changes, in which Taxxa… Continue reading

Anti-avoidance: the UK’s tax legislation and EU freedoms

Posted at 10:29 am on January 18, 2016 by John Kavanagh

Anti-avoidance: the UK’s tax legislation and EU freedoms For many years now, there have been serious doubts among a number of tax advisers, myself included, about the compatibility of much of the UK’s anti-avoidance tax legislation and EU law. I remember having a conversation about 10 years ago with a colleague who had previously been… Continue reading

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