Category: United Kingdom

GAO Report: Where Offshore Tax Evaders Live And Bank

Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states… – Continue reading

Tax raid on super-rich hiding mansions in offshore firms raises £100million, FIVE times more than expected

Treasury moved to close loophole used by wealthy to avoid stamp duty By placing homes in companies they can be sold without paying tax Ministers had expected the new levy to raise £20million this year But Danny Alexander reveals it is on course to generate £100million A crackdown on the… – Continue reading

Irish Corporate Tax 2014: How official spin and distortion works – in short-term

Irish Corporate Tax 2014: The current Irish governance system has remained unchanged through boom and bust and the addiction to political spin, distortion and sometimes lies, works at least in the short term while in some cases it has an enduring impact. To paraphrase Abraham Lincoln, America’s 16th president, it’s possible “to… – Continue reading

A Solution for Corporate Tax Avoidance

Some three hundred years ago Sir Walter Scott asked, “Breathes there a man with soul so dead who never to himself hath said, This is my own, my native land.” Well, in America corporations are legally deemed  “persons,” so the answer to Scott’s question is “Yes,” at least when it… – Continue reading

Labor demands tax action on transfer pricing

The Federal Labor Party has demanded the Government bring Australia’s international taxation regulations into line to deal with multinationals such as Apple and Google, which are siphoning billions of dollars of revenue out of Australia while paying only small amounts of local tax. In a statement issued this morning, Shadow… – Continue reading

Guernsey: Guernsey And Jersey Issue Draft Guidance Notes For FATCA-Based Reporting

INTRODUCTION On 31 January 2014 the Crown Dependencies of Guernsey and Jersey jointly issued draft Guidance Notes (in conjunction with the Isle of Man) on the implementation of obligations arising under the intergovernmental agreements (“IGAs“) signed by each island with the UK in October 2013 and with the US in… – Continue reading

Tax amnesty: Act now on Liechtenstein Disclosure Facility (LDF)

Thousands of Swiss bank account holders and others have already come forward to settle unpaid UK tax bills and avoid costly tax penalties – but the LDF window won’t be open for ever. The Liechtenstein Disclosure Facility (LDF) was launched in 2009 and continues to be available until 5 April 2016. It… – Continue reading

Luxembourg lining up for yuan quota

Luxembourg is lobbying Beijing for equal treatment with London, which was granted an investment quota last year allowing investors based there to invest their offshore yuan directly in the mainland’s securities markets. In an effort to capture a larger share of Europe’s offshore yuan business, top officials from the grand… – Continue reading

Vodafone’s £1bn Indian tax bill row: peace talks about to break down

India’s finance ministry is preparing to seek the cabinet’s approval to withdraw conciliation proceedings with the UK telecoms firm. Vodafone, the world’s second-largest mobile operator by subscribers, entered India in 2007 by acquiring Hutchison Whampoa’s mobile phone assets. It is contesting a tax bill of about 112bn rupees (£1.1bn) relating… – Continue reading

HMRC now targeting mid-tier firms in its transfer pricing investigations, says expert

HM Revenue and Customs (HMRC) collected more tax from smaller businesses than large multinationals last year as a result of its investigations into firms’ transfer pricing arrangements, according to figures obtained by Pinsent Masons, the law firm behind Out-Law.com. Corporate tax expert Heather Self of Pinsent Masons said that HMRC… – Continue reading

Ireland in spotlight over multinationals

When Taoiseach Enda Kenny was grilled over Ireland’s low tax regime for multinationals on a visit to Paris last week, he fell back on a familiar defence. By now it’s a regular refrain – Ireland’s corporate taxes are crystal clear and transparent. Ours, he added, is a statute-based system which… – Continue reading

FATCA Registration Delayed

Local commercial banks and near banks regulated by the Bank of Jamaica (BOJ), as well as other entities regulated by the Financial Services Commission (FSC), which are counted as Foreign Financial Institutions (FFIs) under US law, should now be engaged in registering online with the United States Internal Revenue Service… – Continue reading

Greece Targeting Tax Dodgers Seeks U.K. Model From Swiss

Greece’s chronic difficulties with tax evasion was a topic of discussion today when Finance Minister Yannis Stournaras met his Swiss counterpart Eveline Widmer-Schlumpf in Athens. “We reiterated that we want the British model” for Greece, Stournaras said after the meeting, referring to a 2011 withholding tax agreement between Switzerland and… – Continue reading

Thousands of Britons caught up in tax raid on wealthy foreigners. Chancellor prepares to announce that capital gains tax will be charged on British property sold by overseas nationals and expats

George Osborne, the Chancellor, is preparing to announce that capital gains tax will be charged on British property sold by overseas nationals and expats Thousands of Britons living abroad face being caught up in a tax raid on wealthy foreigners buying and selling property in the UK. George Osborne, the… – Continue reading