The UK's HM Revenue & Customs (HMRC) is expected to extend the due date for its tax amnesty program - New Disclosure Opportunity (NDO) - to January 4th. The amnesty was initiated on September 1st and the original deadline was indicated to be November 30th, 2009. The new deadline is expected to be January 4th, 2010. Payments associated with the tax amnesty will be due by March 12th, 2010. The HMRC estimates that there are currently 400,000 offshore bank accounts held by UK ... Read More

Figures have shown that millions of United Kingdom’s elderly are over-paying on their taxes. In a report published on October 22nd, the National Audit Office (NAO) released figures indicating that the UK is seeing gross-overpayment of tax by pensioners. According to the NAO, overpayments by the elderly have an especially exasperating economic effect as the income of the average pensioner is approximately 25% less than that of the rest of the population, sitting at £16,000. The NAO report claimed that due to ... Read More

Following a European Court of Justice (ECG) ruling, the UK Government has ceased levying 1.5% on all shares issued or transferred to a clearance service by British companies, internationally. The 1st of October saw the ECG rule against the HM Revenue & Customs (HMRC), saying that the 1.5% Stamp Duty Reserve Tax (SDRT) is against European Community Law. The tax was levied on British companies which issued or transferred securities through a clearance service within the EU or the US. Typically such a ... Read More