Local professional support - March 2018

HMRC’s targeting of EIS investors could damage the growth of the UK economy
HMRC appears concerned about perceived abuse of the enterprise investment scheme (EIS) tax reliefs available to individuals. It is undertaking a data-mining programme, using profiling, to open detailed formal tax enquiries into the personal tax affairs of investors, principally to gather data.

Will HMRC's new penalty policy publicly name and shame more taxpayers?
HMRC’s new approach to historical tax irregularities could see more taxpayers being named and shamed. This could have serious financial and reputational risk for taxpayers, and there is an urgent need for further clarification from HMRC on what the changes could mean.

IHT and the undead – revisited
It is known that some prominent individuals who made campaign donations during the EU referendum have received letters from HMRC inviting them to pay inheritance tax (IHT) on their gifts. But are these demands correct? The simple answer (if there is ever a simple answer in tax) is ‘possibly’.

Could text messaging be more effective than traditional reminder letters?
When sending repeated letters didn’t get a response from a taxpayer, HMRC tried something different and got the desired response, but would most taxpayers prefer a text message reminder to file a tax return, and would they trust it to be genuine?

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