The Department of Justice announced today that Union Bancaire Privée, UBP SA (UBP), reached a resolution under the department’s Swiss Bank Program. UBP will pay a penalty of more than $187 million. “Today’s agreement marks the final resolution with UBP, which acknowledges its role in conspiring with U.S. taxpayers to… – Continue reading
Things are heating up in the economic substance doctrine area, which could lead to a U.S. Supreme Court review of the IRS’s aggressive arguments for the doctrine. Certiorari Petitions Salem Financial Inc. and Bank of New York Mellon Corporation have both petitioned for Supreme Court review of the Federal Circuit… – Continue reading
Expats savers will have some fixed feelings at the changes in interest rates on offshore fixed and instant access accounts. Conister Bank has notched up a couple of rate increases on fixed rate accounts – the three year fix rising 0.5% to 2.30% and the one year fix up 0.10%… – Continue reading
David Cameron’s party reported fresh donations of £217,500 from Lycamobile weeks after BuzzFeed News revealed the telecoms giant’s “deeply suspicious” business practices. The Tories have accepted a fresh donation of £217,500 from Lycamobile in defiance of calls on the party to sever its ties with the controversial telecoms group. The… – Continue reading
An offshore bank account is a must for many internationally mobile expats operating in the UAE and Middle East. But finding the right bank with the right extras as well as high service standards isn’t easy. There are plenty of big names to choose from, including the global operators Barclays,… – Continue reading
Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body, reports City AM. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year,… – Continue reading
After a landmark win for HMRC against Abbey National Treasury Services (ANTS) and Cater Allen International in June, the Revenue has yet more cause to celebrate After a first-tier tribunal decision in June secured £16m in unpaid tax from ANTS, HMRC successfully protected a further £45m late last week. The… – Continue reading
HMRC has won £45 million in a second tax avoidance case against Abbey National Treasury Services, a subsidiary of Santander. The tribunal ruling means £45 million is now liable to taxation in addition to another £40 million in a second case that will be decided by this ruling. The scheme… – Continue reading
British banks have fallen down world league tables for lenders so rapidly that there may soon not be a global-ranked bank in this country, the editor of the industry bible has warned, reports the Independent. “At one time several UK banks were among a handful of truly global players,” said… – Continue reading
HM Revenue & Customs (HMRC) has won £16 million in a tax avoidance case against Abbey National Treasury Services and Cater Allen International, both part of Santander Banking Group. The courts have decided against the companies’ attempts to avoid paying corporation tax on the interest on floating loan rate notes…. – Continue reading
