Weekly Tax Brief - 18 August 2015

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments…

HMRC's colossal liabilities will only get bigger

18 August 2015

The prospect that HMRC might, on a worst-case estimate, have to repay taxes (and presumably interest) of £42bn has emerged from a recent report by the Office for Budget Responsibility. While an official spokesperson from HMRC professes not to recognise the figures, there is every chance that the picture will only get worse.

The problem with tax amnesties

18 August 2015

Amnesties and the like are always controversial. Where they are successful they do bring in significant sums of money with minimal state intervention and they do also bring people into the system – once they are in, it is less likely that they will disappear.

Last call for the Liechtenstein Disclosure Facility

18 August 2015

Since its inception in September 2009, more than 6,500 people have registered to participate in the Liechtenstein Disclosure Facility (LDF).

Vehicle tax prosecutions up by a third - parallels with personal tax returns?

18 August 2015

The latest statistics from the Ministry of Justice show a 33 per cent rise in court prosecutions for failure to pay vehicle tax – a figure that raises questions about the impact of the decision to abolish paper tax discs.

Carrier bag tax till operators will have to become tax experts

18 August 2015

From 5 October, England will, like Scotland, Wales and Northern Ireland, charge 5p for the use of plastic carrier bags. Although exempt from VAT in Northern Ireland, carrier bags sold in England, Scotland and Wales generate 0.83 pence in VAT to HMRC.