Personal tax

HM Revenue and Customs (HMRC) is to launch a new campaign aimed at reclaiming the tax payable on undeclared funds kept in offshore accounts.

People are experiencing increasing delays in the time it takes for refunds of overpaid taxes to be made, it has been claimed.

The economic downturn looks set to reduce dramatically the proportion of people who pay income tax at the 40 per cent rate.

HM Revenue and Customs (HMRC) is to run a six-month trial using debt collection agencies to chase late tax payments.

Figures have been released showing that the IR35 tax regulations are producing an average of just £1.5 million a year in tax revenues.

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