A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose… – Continue reading
The commitment comes amid ongoing controversy over the use of complex tax arrangements following the Paradise Papers leak. The islands of Jersey, Guernsey and the Isle of Man have signed up to a joint commitment with the British and Irish governments to tackle tax evasion and abusive tax avoidance. The… – Continue reading
Passing on your inheritance and your place of residence – the tax minefield QUESTION: I was born in Belfast and now live in Dublin. I have 2 children who both live in Dublin and I am contemplating retiring to Northern Ireland. Is there a difference between the Inheritance tax systems… – Continue reading
Salford Council has joined the other 14 councils from across the UK that have adopted motions to support ethical procurement. Moved by Labour and Co-operative councillor Jim King, the recent motion strengthens checks in the council’s procurement to exclude businesses that engage in tax avoidance. The initiative falls in line… – Continue reading
Regardless of whether you were surprised, overjoyed, dismayed or showed any other emotion (perhaps anger as you saw world markets tank), Brexit is here. Yes, we’re talking about the British exit from the European Union. We are not sure why the media coined the term “Brexit,” when it’s not only… – Continue reading
The Association of Tax Technicians (ATT) has expressed its disappointment that the UK Government intends to press ahead with plans to introduce a stamp duty land tax (SDLT) surcharge on purchases of second homes from April 1. Higher rates of SDLT will apply to purchases in England, Wales, and Northern… – Continue reading
Northern Ireland has moved one step closer to setting its own corporation tax rate when its Department of Finance and Personnel signed a memorandum of understanding (MoU) with HMRC, Economia reports. This sets out the arrangements for developing the necessary systems for devolving the tax, which will still be administered… – Continue reading
On January 8, 2016 the UK HM Revenue & Customs issued a media release announcing that on December 15, 2015 the Convention between the United Kingdom of Great Britain and Northern Ireland and the Republic of Bulgaria for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with… – Continue reading
On January 8, 2016 the UK HM Revenue & Customs issued a media release announcing that on November 19, 2015 the Agreement between the United Kingdom of Great Britain and Northern Ireland and the Republic of Croatia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with… – Continue reading
On January 8, 2016 the UK HM Revenue & Customs issued a media release announcing that on December 16, 2015 the Convention between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Kosovo for the Avoidance of Double Taxation and… – Continue reading
Multinational companies have enjoyed a sustained period of falling corporate tax rates around the world. However, with the conclusion of the OECD’s base erosion and profit shifting project earlier this year marking the start of fundamental changes to the international tax system, and with governments more determined than ever to… – Continue reading
According to Baroness Neville-Rolfe, Parliamentary Under Secretary of State at the Department for Business, Innovation and Skills, the United Kingdom “is at the forefront of a dramatic increase in transparency about company ownership” in developed countries. However, it is the UK which is going to provide the testing ground for… – Continue reading
The House of Lords has recently criticised the speed of further devolution of powers to Scotland, but nevertheless the Scotland Bill is progressing through the UK parliament. Devolution more widely across the UK is a direction of travel in this Chancellor’s Autumn Statement. Among the announcements, George Osborne said that… – Continue reading
Corporation tax in Northern Ireland is on its way ‘The future depends on what you do today’. It’s a very simple mantra but it rings so true when you consider the author and what he achieved, Mahatma Gandhi truly was a man of iconic vision and wisdom. As details of… – Continue reading
The North will have its own 12.5pc corporate tax rate from 2018. This means that it will compete harder against the Republic for FDI projects, writes Dan White The 12.5pc company tax rate will no longer be confined to the southern part of the island. Last week’s ‘Fresh Start’ agreement… – Continue reading
On 18 June 2013, the Progressive led government issued a press release titled, “Cayman’s Action Plan Includes Beneficial Ownership”. The press statement came on the heels of the UK taking over the Presidency of G8, at the 17-18 June 2013 G8 Summit in Northern Ireland. The most interesting part of… – Continue reading
Place of residence key as Holyrood prepares to unveil levy on income it will impose north of the Border from April, writes Jeff Salway HM Revenue & Customs has moved to clear up misconceptions lingering over new income tax rules taking effect in Scotland as Holyrood prepares to unveil the… – Continue reading
To facilitate the exchange of Foreign Account Tax Compliance Act (FATCA) data under the intergovernmental agreements (IGAs) with Australia and the U.K., the U.S. Competent Authority has signed Competent Authority Arrangements (CAAs) with the Competent Authority of each country, announced IRS officials on September 24. The CAAs are the first… – Continue reading
On July 23, 2015 the Japanese Ministry of Finance issued a press release announcing that on July 22, 2015 the Government of Japan and the Government of the United Kingdom exchanged notes concerning Article 7 of the Convention between Japan and the United Kingdom of Great Britain and Northern Ireland… – Continue reading
Anyone in Northern Ireland with an undeclared offshore bank account could be forgiven for feeling a little anxious. Not only have revelations about the sale of Nama’s former assets in the North shone a spotlight on a certain offshore account but a new taskforce has just been unleashed which is… – Continue reading
