Tax fraud loses HMRC £16bn

Accountancy Age: A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons.

Full story: https://www.accountancyage.com/2017/02/09/tax-fraud-loses-hmrc-16bn/ 

The rising significance of inheritances

Accountancy Age: Rosamond McDowell of Payne Hicks Beach solicitors looks at key changes to inheritance tax policy, which apply from April this year.

Full story: https://www.accountancyage.com/2017/02/09/the-rising-significance-of-inheritances 

KPMG boss Simon Collins won't be seeking re-election after five year tenure

CityAM: KPMG's UK boss will step down in March after five years at the helm of the accountancy giant.  Simon Collins told fellow partners of his plans on Thursday and is expected to put his hat in the ring to step up and lead the global network of the firm, according to reports by Sky News.

Full story: http://www.cityam.com/254801/kpmg-boss-simon-collins-wont-seeking-re-election-after-five

Expat pensioners face income tax rise

Daily Telegraph: British pensioners holding offshore pensions will be forced to pay more tax under new plans proposed by the Government.

Full story: http://www.telegraph.co.uk/pensions-retirement/tax-retirement/expat-pensioners-face-income-tax-hike/

One in three of Britain's richest people being investigated for unpaid taxes

ICAEW: HMRC is currently investigating some of the richest people in Britain over nearly £2bn worth of potentially unpaid taxes.  According to the National Audit Office (NAO), the Revenue is conducting “formal enquiries” on a third of the UK's high net worth taxpayers – those with wealth of more than £20m.

Full story: http://economia.icaew.com/news/november-2016/one-in-three-of-britains-richest-investigated-for-unpaid-taxes-hmrc-national-audit-office

Professional bodies publish updated code in relation to tax advice

STEP: The leading UK accountancy and tax bodies have published updated guidance on the standards expected of tax advisors and agents regarding tax advice.

Full story: http://www.step.org/news/professional-bodies-publish-updated-code-relation-tax-advice