TAX avoidance is always a hot topic, never more so than with the recent stream of famous individuals involved in the Liberty scheme. The fact that some of these 1,600 stars risk bankruptcy highlights just how serious these cases can be, and the financial and reputational value at stake. The media… – Continue reading
Legislation which will establish and govern Scotland’s first tax collection system in 300 years has been passed by the Scottish Legislation which will establish and govern Scotland’s first tax collection system in 300 years has been passed by the Scottish Parliament.21 Aug 2014 The Revenue Scotland and Tax Powers Bill… – Continue reading
Those committing tax evasion could face stricter consequences due to the change in government tax legislation, according to a top city accountant. Des Veney, Director of Haines Watts Chartered Accountants on Victoria Street, believes that as a result of the stern regulation, which came into effect earlier this month, UK… – Continue reading
Contractors can have their say on the taxman moving to criminalise people who fail to declare offshore income and gains, even if he cannot prove their intent was to defraud him. Under the ‘strict liability’ offence, convictions could hit a person whose taxable offshore income and gains were not correctly… – Continue reading
Reasons given by the bank for refusing to publish findings of an investigation into alleged tax evasion remain unconvincing When commodities giant Glencore publishes its half-yearly report on Wednesday, it is unlikely to mention what may be a significant victory for the firm. This relates to an investigation into allegations… – Continue reading
A new section 1305A of the UK Corporation Tax Act 2009 (CTA 2009) has been introduced by the UK Finance Act 2014 that applies to payments made from March 19, 2014 under avoidance schemes involving the transfer of corporate profits within a group. This new measure applies if: two companies… – Continue reading
Authorities in Gibraltar have slammed claims by a top Spanish official that the UK-held territory costs Spain €1 billion ($1.3 billion) a year in lost tax revenues, saying the figure is “a financial flight of fancy”. “The wealth that Gibraltar enjoys cannot continue to be based solely on an economy… – Continue reading
Despite the political and media pressure on offshore financial centers, new incorporations of offshore companies worldwide continue to grow. A new report on offshore company incorporations by law and fiduciary firm Appleby shows that new company registrations increased in most offshore jurisdictions in the second half of 2013. “As the… – Continue reading
The Cayman Islands, an important international business competitor for Bermuda, is expressing “consternation” that they have been included on a new list of high risk jurisdictions for financial crime. There are a total of 95 countries listed including Brazil, Afghanistan, Cuba, Russia, China, Iraq, the Republic of Congo and Jamaica…. – Continue reading
A tax avoidance scheme that routed a film financing venture’s profits via Employee Benefit Trusts at the behest of the venture’s owner, an ex-accountant, has been blocked by a tribunal. Operated by John Dryburgh, a former partner with Deloitte & Touche, the scheme involved extracting profits from a series of companies named… – Continue reading
Most expats forget about their tax status once they have left Britain and assume they pay taxes in the country where they live. To some extent this is true – but HM Revenue & Customs regularly challenges the validity of non-residence claims and the long-arm of the tax man can… – Continue reading
The Spanish Government yesterday stepped up its campaign of unsubstantiated accusations against the Rock by claiming that Spain was losing out on one billion euros in taxes every year because of Gibraltar’s fiscal regime. The spectacular claim was made by Iñigo Méndez de Vigo, Secretary of State for the EU… – Continue reading
The country’s largest biotechnology manufacturer, CSL, says government and community complacency puts Australia at risk of missing out on future jobs as companies invest where workers are more productive, tax rates are lower and governments are more supportive. The $33 billion blood plasma and vaccine maker said Australia urgently needs… – Continue reading
Minister of Finance Bob Richards confirmed this week that under the Bermuda-UK FATCA Intergovernmental Agreement [IGA] model 2, Bermuda and the UK have agreed the inclusion of a Limited Capacity Exempt Beneficial Owner Category in Annex II of the IGA. The effect of this amendment will mean that there will… – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
In its October 4, 2013 decision, no. 351065, Mr. Clive Worms, the French Administrative Supreme Court reiterated that, under domestic tax law, an indemnity received by a French tax resident in compensation of his cancelled stock options qualifies as a compensation for work. On the day the options were granted, the… – Continue reading
Summary HMRC have announced that the new capital gains tax (“CGT”) charge on non-residents disposing of UK residential property, due to come into effect in April 2015, will not extend to institutional investors and companies with diverse ownership. Background In the Autumn Statement last year, the Chancellor announced the new… – Continue reading
HM Revenue & Customs (HMRC) has announced changes to the terms of the Liechtenstein Disclosure Facility (LDF), restricting the most favourable treatment to new tax irregularities with a “significant” offshore connection. Tax Disputes and Investigations Tax Private wealth tax Reg Day, a tax expert at Pinsent Masons, the law firm… – Continue reading
Property owners and pensioners who face losing their personal tax allowances can take steps now to protect themselves, say experts Expats facing the possibility of losing their personal allowance under a tax raid proposed by George Osborne should not panic but look carefully at where their UK sources of income… – Continue reading
A “yes” vote for Scottish independence could leave the drinks industry out of pocket either side of the border, an excise specialist has warned. Alan Powell, consultant to the UK Warehousing Association, said goods could be taxed in both Scotland and Britain if they were counted as separate EU member… – Continue reading
Changes to the way that HM Revenue and Customs (HMRC) taxes loans secured by non-domiciled persons (“non doms”) using foreign income and gains will lead to disputes over the true interpretation of the law, the Chartered Institute of Taxation (CIOT) has warned. HMRC has announced that it is to withdraw… – Continue reading
It is taken for granted that any gain on the sale of your home is exempt from Capital Gains Tax (CGT). For those who have just one home and have used it as such throughout its period of ownership that will always be the case. CGT exemption also applies to… – Continue reading
Luxembourg has appointed HSBC and BNP Paribas as co-lead arrangers of its first issue of sovereign Islamic bonds, and is organising a roadshow for investors at the end of September, the country’s finance ministry said on Monday. The roadshow will visit London, Saudi Arabia, the UAE, Malaysia and Qatar, the ministry… – Continue reading
Financial advisors often have to answer questions from expats about the difference between a self-invested personal pension (SiPP) and a Qualifying Recognised Overseas Pension Scheme (QROPS). On the face of it, both work in similar ways, allowing the retirement saver to manage their own investments. But the underlying tax and… – Continue reading
THE FINANCE CHIEF of Aviva has suggested the UK insurer is paying more tax than it needs to after it paid out around a third more than its fdour biggest FTSE 100 rivals in the past five years. Research by the Financial Times found Aviva paid 30% of its profits… – Continue reading
The British Property Federation (BPF) and the Chartered Institute of Taxation (CIOT) have welcomed an announcement from HM Revenue and Customs (HMRC) that institutional investors and companies with diverse ownership will be excluded from plans for a new capital gains tax (CGT) on UK properties sold by non-residents. The charge… – Continue reading
London: At least £122 billion (Dh755 billion) of property in England and Wales is held through companies in offshore tax havens where ownership is difficult to trace, a Financial Times analysis of Land Registry data has found. The figure — more than the total value of all housing stock in… – Continue reading
>PRWEB.COM NewswireLONDON, UK (PRWEB UK) 7 August 2014 As reported on July 9th in an article by money.aol.co.uk, a new wave of celebrities have made HMRC’s tax-avoidance hit-list, joining past high-profile victims such as Jimmy Carr, who famously succumb to the taxman’s eagle-eyed scrutiny and merciless demand for recompense. Some 33,000 people… – Continue reading
In March 2010, the US Congress enacted the Hiring Incentives to Restore Employment (HIRE) Act, which included provisions that are known as the Foreign Account Tax Compliance Act, or FATCA. This was aimed at preventing tax evasion by US persons through the use of accounts held with foreign financial institutions…. – Continue reading
Romanian fashion designer Adina Buzatu was recently prosecuted for tax evasion and money laundry, in a file here the prejudice exceeds some EUR 22.4 million. She was recently placed under accusation by the Directorate for Investigating Organized Crime and Terrorism (DIICOT), according to Digi24. Buzatu is one of the 20… – Continue reading
For weeks, concerns have been mounting across the UK about a tidal wave of shock tax demands about to hit tens of thousands of individuals and businesses – and with good reason. Now that the Finance Bill 2014 has received Royal Assent, HMRC has two new weapons it can use… – Continue reading
Stellar Group is at the centre of a probe by HM Revenue and Customs into its financial affairs, but there is no suggestion Gareth Bale is under suspicion Agents behind some of the biggest transfers in British football are being investigated for alleged tax avoidance. Stellar Group – which helped… – Continue reading
Property in England and Wales worth £122bn or more is held through companies in offshore tax jurisdictions where ownership is tricky to establish, according to Land Registry data analysed by the Financial Times. The detailed report showed that around two-thirds of the 91,248 foreign-company owned properties were held through the… – Continue reading
LONDON — When the British tax authorities struck a landmark deal with the Swiss to crack down on tax evasion, they sat back and waited for the cash to flow in. Almost three years later, they are still waiting. So far, only about $1.7 billion of the $8.4 billion windfall… – Continue reading
AROUND 16,000 TAX AVOIDERS are to be given the chance to settle their outstanding liabilities with HM Revenue & Customs, the department has confirmed. On average, each of the users of the contractor loan schemes covered by this settlement opportunity owes £11,000 a year in tax. The schemes involve complex… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/26dbdbce-1409-11e4-8485-00144feabdc0.html#ixzz39PGGY2lR Property ownership through an offshore company evokes an image of a rich foreign buyer… – Continue reading
The mobile phone company was targeted by UK Uncut on Twitter for allegedly avoiding £6bn of corporation tax Vodafone has accused critics of its dealings with HMRC of failing to understand “even the most basic” aspects of corporate taxation, as shareholders raised concerns about its stores being repeatedly targeted by… – Continue reading
Richard Gibbs from No5 Chambers is defending one of three defendants charged as part of a £1.6m conspiracy to evade tax on the importation of tobacco. HMRC seized the tobacco in the form of cigarettes and hand-rolled tobacco from addresses in Wolverhampton during 2012 and 2013. Shahab Ali, represented by… – Continue reading
It’s the results reporting season over in my native UK again and once again, as regular as the seasons themselves roll around, we’ve spluttering pieces in the press about how Google avoids all of this tax that it should justly and righteously pay. Which means it must be the time… – Continue reading
A COMPANY whose chief executive is a significant donor to the Better Together campaign has been accused of avoiding paying billions of pounds in tax. Oil trader Ian Taylor, who heads up the controversial firm Vitol, gave half a million pounds to the pro-Union group, which faced calls to hand… – Continue reading
Canada and the UK on July 21, 2014, signed a protocol to their Double Tax Agreement that amends its withholding tax and information exchange provisions. The Protocol includes an exemption from withholding tax for payments of interest made in respect of loans between persons at arm’s length. The headline withholding… – Continue reading
In the latest moves towards implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK, the BVI Government has released draft Guidance Notes for public consultation. A copy can be accessed from the Ministry of Finance website. The draft Guidance Notes have been… – Continue reading
More than half a billion pounds is set to be wasted this year in inheritance tax as individuals fail to place their life protection policies “under trust”. The figure, which is up £58m on last year, was revealed in research by unbiased.co.uk, which also found that only a quarter of consumers… – Continue reading
FATCA was implemented worldwide at the beginning of this month, but the impact (and costs) are only now just beginning to filter through to the financial services community. Part of the US Hiring Incentives to Restore Employment Act (HIRE), FATCA aims to ensure Americans, wherever they are and whatever investments… – Continue reading
More than half a billion pounds is set to be wasted this year in inheritance tax as individuals fail to place their life protection policies “under trust”. The figure, which is up £58m on last year, was revealed in research by unbiased.co.uk, which also found that only a quarter of consumers… – Continue reading
Many Expect to Assume More Responsibility for Documentation and Files PR Newswire NEW YORK, July 17, 2014 NEW YORK, July 17, 2014 /PRNewswire/ — Most companies involved with transfer pricing believe that a streamlined audit process will be the greatest benefit resulting from the new Transfer Pricing Audit Roadmap developed by the Internal Revenue Service… – Continue reading
For those living in America who have pensions saved from their time in the UK, the complexity surrounding the tax viability of transferring into a potentially highly beneficial QROPS can be slightly off-putting. Many will search the HMRC QROPS list and see 14 schemes listed in the USA. Schemes such as Kraft… – Continue reading
HM Revenue & Customs has recovered £135m from 24,000 clients named on a list of HSBC’s Swiss private banking operation, which were revealed in a leak by a former employee. Lin Homer, chief executive of HMRC, told a hearing at the House of Commons Public Accounts Committee last night that… – Continue reading
British Columbia’s securities regulator is funnelling more resources into a crackdown on suspicious trading activity coming from offshore bank accounts in “secrecy” jurisdictions, saying the accounts often belong to locals who are hiding their identities. Lang Evans, manager of special investigations at the British Columbia Securities Commission, is heading a… – Continue reading
According to recent Home Office statistics, 10,000 British pensioners a year wave goodbye to the UK and set off to take retirement abroad. Yet the vast majority of retired expats find that they are still paying tax as they draw their UK pension. The exception comes when the pensioner resides… – Continue reading
