Skip to content
International Adviser
  • Contact
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • Directory
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

HMRC powers worrying for taxpayers

By Tom Carnegie, 6 Dec 17

Concern has been raised about the lack of effective safeguards in place for taxpayers, as HM Revenue and Customs continues to develop broader powers to seek payments.


Gallery

1234567891011

A report by the Institute of Fiscal Studies says, over the last three years, HMRC has been given additional powers that have generated significant comment and debate.

These powers have enabled HMRC to seek payment of tax that is disputed by taxpayers prior to its resolution, to require taxpayers to follow judicial decisions or risk significant penalties if they continue to dispute the amount of tax due, and to extract money from taxpayers’ bank accounts to pay outstanding amounts of tax.

The report raises concern over these powers, saying an insufficient focus means they can be used beyond their original purpose.

“At the same time, some of the powers carry the very real risk of effectively denying access to justice for taxpayers,” the report says.

George Bull, senior tax partner at RSM, said “as taxpayers we all want HMRC to be efficient, effective and civil in the way the correct amount of tax is calculated”.

“Unfortunately, as we are all customers now, it is disturbing to see how far HMRC is prepared to go to make more demands on its customers,” Bull says.

The report says the lack of safeguards specifically applies to 10 important areas addressed over the following slides.

Tags: HMRC

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Industry

    FCA to consult on ditching insurance rules for non-UK business

    Could Dodd's marriage trigger an IHT review?

    Latest news

    Half of wealthy individuals don’t keep written record of financial gifts

  • ASIC

    Latest news

    ASIC takes legal action against unlicensed Spice Capital Partners

    Industry

    FCA proposes new client classification rules to give more flexibility to wealthy investors


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.