Investments income targeted by HMRC
Taxpayers with investment income will be targeted by HM Revenue & Customs (HMRC) in spring 2009 in a new compliance campaign, a chartered accountancy firm has claimed.UHY Hacker Young discovered the plans from documents obtained under the Freedom of Information Act and said that more people than any previous campaign could be targeted.In the past, HMRC mainly focused on taxpayers with offshore account and property income, but may target those with shares, bonds and UK bank accounts.Roy Maugham, a Hacker Young tax partner, said: "HMRC is ploughing on with new interventions targeting taxpayers with investment income despite the worry this will cause to taxpayers and the lack of success from previous campaigns."It seems particularly inappropriate at a time when many people will have made very significant capital losses on the same investments that might be providing them with a very small income."After making the request, Hacker Young was told by HMRC that it is has sent 7,381 intervention messages to buy-to-let landlords in the last four months and is about to send a second round of letters to offshore account holders.
Share this..
Related stories
Brits have no incentive to save
A recent report from the Office of National Statistics shows that people in the UK are starting to save less.According to the ONS study, the proportion of income saved by Brits fell from 5.3 per cent in the third quarter to 3.7 per cent in the last quarter of 2006. This represents the lowest ratio since the end of 2004. This investment trend is backed up by a review by the Investment Management As...
Read MoreMPs expenses back under the spotlight
There are rumours and counter rumour circulating around the House of Commons today with regards to MPs expenses and the potential for the infamous second home allowance to be withdrawn. Sir Christopher Kelly, the head of the powerful committee on standards in public life, is rumoured to be about to suggest that the second home allowance is withdrawn and MPs simply pay rent on properties they have...
Read MoreIrish economy is suffering more than most
The International Monetary Fund (IMF) has this evening issued a report suggesting that the Irish economy has been worst hit by the global economic downturn and will suffer a prolonged recovery period. The IMF also believes that the Irish banking sector will report losses of around £30 billion which will take some time to recover and see a very different Irish banking sector in the future.
...
Gordon Brown finally steps in to help the Royal Mail
After days of controversy and speculation we saw Gordon Brown today step into the breach regarding the potential strike at Royal Mail which could severely dent the future of this once great UK operation. The Prime Minister stepped forward today to suggest that the "unnecessary" walk out should be averted because potentially the Royal Mail is set to lose significant contracts in the short to medium...
Read MoreGeneral Motors announces major U-turn on GM Europe
Despite months and months of negotiations with the Canadian consortium Magna as well as the German government, General Motors has today announced plans to retain GM Europe and called off the expected disposal. Initially the move has been welcomed in the UK where unions believe this will offer more job security to the Opel division which employs thousands of workers in the country. But what about t...
Read More