Weekly tax brief - 25 January 2017

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments.
We know how much tax reliefs cost. Which ones do we want to pay for?

25 January 2017

HMRC has recently published the most reliable estimates yet of the cost of all the main tax reliefs and exemptions. What is needed now is a broader debate as to the social ‘goods’ which the UK wishes to achieve through the tax system, and the price it is prepared to pay for these.

Tax penalties for deliberate errors rise six-fold

25 January 2017

New figures obtained by RSM under the Freedom of Information Act show a huge rise in penalties for those deemed to have deliberately understated their income. But is this new approach a sign of ‘penalty farming’ and are innocent people being unfairly penalised?

Whose pension is it anyhow?

25 January 2017

We are now in an era of unprecedented pensions flexibility. Your right to take a pension is clearly some form of asset, so by not exercising that right you are in effect depriving yourself of cash in your own hands. But watch out, there could be a nasty inheritance trap lurking here…

Watch the small print

25 January 2017

With HMRC’s response to the ‘Making Tax Digital’ consultation due any day now, one of the key issues it needs to address is security. HMRC has previously made it clear that responsibility for data security will be entirely the responsibility of third party software providers but will this provide adequate assurance for businesses and individuals?