Research highlights HMRC crackdown on insurance sectors
Leading international law firm Lovells has published its 2008 Tax Disputes Survey. The report has revealed the extent to which Her Majesty's Revenue and Customs (HMRC) is tenaciously pursuing disputes against businesses involved in the banking, financial and insurance sectors.
The key findings of the Lovells Tax Disputes Survey 2008 are:
Businesses in the finance, banking and insurance sectors are at a significantly higher risk of ending up in court than other industry sectors - these accounted for 34% of all reported cases in which Leading Counsel were instructed. 22% of reported cases in which HMRC instructed Leading Counsel in disputes with businesses in the Banking, Finance and Insurance sectors were related to VAT issues. Claims HMRC are consistently pursuingOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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