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The Alternative Minimum Tax was developed to reduce the impact of certain tax avoidance schemes. Furthermore, while tax avoidance is in principle legal, if the IRS in its sole judgment determines that tax avoidance is the 'principal purpose' for an expatriation attempt, 'covered expat' status will be applied to the requester, thereby forcing an ...
Tax Justice Network – research into "the negative impacts of tax avoidance, tax competition and tax havens" Tax Me if You Can – PBS Frontline documentary into tax avoidance; The Tax Gap Special report from The Guardian about tax avoidance by big business; US Justice Dept Press Release on Jeffrey Chernick, UBS tax evader
K2 was an offshore wealth management scheme in which salaries of individuals in the United Kingdom were channelled through shell corporations in Jersey, Channel Islands.In June 2012, media reporting of people using K2 for the purposes of tax avoidance was followed by the United Kingdom's Prime Minister David Cameron characterising the scheme as "morally wrong". [1]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Tax avoidance schemes, which are the legal use of rules to reduce taxes, may take advantage of jurisdictions with low or no taxes, known as tax havens. For example, individuals may move their investments or their residence, and corporations may move their headquarters, to jurisdictions with more favorable tax environments.
[1] [2] Donors to the Cup Trust benefited from tax deductions of up to £55 million. The Cup Trust has requested £46 million in Gift Aid from HM Revenue, arising from the donations which the trust has received. [1] [2] Gift Aid is a facility offered by HMRC for charities to reclaim basic rate tax on donations.
Propaganda poster issued by the British tax authorities to counter offshore tax evasion. HMRC, the UK tax collection agency, estimated that in the tax year 2016–17, pure tax evasion (i.e. not including things like hidden economy or criminal activity) cost the government £5.3 billion. This compared to a wider tax gap (the difference between ...
Noël Coward left the UK for tax reasons in the 1950s, receiving harsh criticism in the press. [13] He first settled in Bermuda but later bought houses in Jamaica and Switzerland (in the village of Les Avants, near Montreux), which remained his homes for the rest of his life. [14] Brian Cox became a tax exile in the 1980s, settling in New York ...