HMRC targeting HSBC Swiss Accounts

The BBC is reporting that HMRC is targeting HSBC Swiss bank accounts. The UK tax authority is targeting 6,000 UK-based Swiss bank account holders who may not have declared all their income and gains.

The names are understood to come from a disc originally stolen from HSBC's Geneva office.

See the following link for full story:

http://www.bbc.co.uk/news/business-15292013

Is the tide turning for tax havens?

The BBC reports:

'Around the world, grassroots opposition to tax avoidance is on the rise. But a survey shows that all but two of the UK's biggest 100 companies have subsidiaries in tax havens, from the Cayman Islands to Singapore. So is big business out of step with public opinion?'

Continued at http://www.bbc.co.uk/news/magazine-15239196

Swiss deal tightens evasion net

Tax evasion net tightening after Swiss deal, reports BBC.

'The "net is tightening" on tax evaders from the UK following a deal struck with the Swiss authorities, an industry body has said.

More details have been released about the agreement in which undeclared money held by UK taxpayers in Swiss accounts will be taxed for the first time.

Concerns were raised that it offered an amnesty to some tax dodgers.

But the Chartered Institute of Taxation (CIOT) said lawbreakers could still be prosecuted.'

For full story visit:

http://www.bbc.co.uk/news/business-15215867

Classic cars and an automobile hedge fund offer HNWIs opportunities

The BBC is reporting on the investment potential for classic cars and the launch of a new automobile hedge fund opportunity for HNWIs.

See link below:

http://www.bbc.co.uk/news/business-14956377

New targets set for HMRC

The BBC is reporting that an inquiry by a committee of MPs heard from accountants and taxpayers about how they thought HM Revenue and Customs (HMRC) seemed to be operating on "auto-pilot". See the link below for full story:

http://www.bbc.co.uk/news/business-14978052

Chancellor orders HMRC to check revenue stream from 50% rate of tax

BBC News website is reporting as follows:

Chancellor George Osborne has asked the Inland Revenue to check whether the 50p top rate of income tax is actually making money for the government.

Some economists have claimed that tax avoidance and evasion mean the rate is raising less income than expected.

Full story at: http://www.bbc.co.uk/news/business-14515518