UK tax authority HM Revenue and Customs (HMRC) has won a challenge concerning the legality of its accelerated payments regime. HMRC began sending Accelerated Payment Notices (APNs) to UK users of certain tax avoidance schemes in August 2014. The notices give recipients 90 days to pay the tax in question…. – Continue reading
THOUSANDS of pieces of land across Scotland have been snapped up by huge offshore companies – many of which are based in the world’s biggest tax havens. The revelation has prompted fears that firms owning Scottish land are dodging taxes, or even acting as fronts for laundering money. In total… – Continue reading
British expats in Cyprus could lose a host of privileges if Britain withdraws from the EU, a popular expat forum has warned. The website is urging them to register to vote in the UK’s in/out referendum, which could take place as early as the middle of next year. The vote’s… – Continue reading
HC order had exempted Mauritius-based Copal Group from capital gains tax liability in India The income tax department has approached the Supreme Court seeking to quash a Delhi High Court order that exempted a series of transactions by Mauritius-based Copal Group — having assets in the US and in India… – Continue reading
HM Revenue & Customs (HMRC) has secured victory after Ingenious tax avoidance scheme investors’ challenge to its tax avoidance crackdown process were rejected. Accelerated payment notices were introduced in July in the Finance Act 2014. They allow tax avoidance scheme users to pay disputed tax 90 days before HMRC challenges… – Continue reading
Canadian financial institutions will be subject to the Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard as of July 1, 2017 with the first exchanges of financial account information beginning in 2018. The CRS, known formally as the Standard for Automatic Exchange of Financial Account Information in Tax… – Continue reading
An alliance of London minicab drivers wants the EU to probe Uber’s tax arrangements and grill founder Travis Kalanick personally on the issue. Business Insider has seen a copy of a letter sent by the London Private Hire Car Association (LPHCA) to the chair of the European Parliament’s tax committee,… – Continue reading
John Goodchild explains the tax position of non-dom clients, and their families, after the Chancellor’s Summer Budget crackdown The Budget on 8 July announced a raft of provisions designed to increase the tax paid to the Exchequer by non-domiciled individuals (non-doms) and their families. Significant changes will be made to… – Continue reading
The opening of Arthur Conan Doyle’s A Study in Scarlet finds Afghanistan veteran Dr John Watson pondering his future. Inevitably, he finds himself in London, “that great cesspool into which all the loungers and idlers of the Empire are irresistibly drawn”. The century that followed saw London lose much of… – Continue reading
While preparing its bid for Tim Hortons Inc. last year, Burger King Worldwide Inc. initially wanted to set up the new parent company of Canada’s iconic supplier of double-doubles and maple-glazed doughnuts across the Atlantic in Britain, to avoid taxes. Miami-based Burger King’s first offer to buy the doughnut chain… – Continue reading
RBS’s private banking business has swung deeply into the red as litigation and conducts costs relating to Coutts mount. According to an interim update from the bank, the private banking business registered a loss of £50 million in the second quarter versus a £145 million profit in the corresponding period… – Continue reading
There is an intimate relationship between art and finance. In the public sphere, the state plays a predominant role in funding and maintaining national art collections. The private sphere is dominated by private patronage. For example, artists in medieval Italy were funded by wealthy families such as the Medici, and… – Continue reading
Requiring the Land Registry to publish information about foreign companies that own property in England and Wales could ultimately speed up the recovery of money from fraudsters who have “hidden” victims’ money in a variety of corporate structures, an expert has said. UK prime minister David Cameron announced new measures… – Continue reading
The Britain has commended the Zambian government for implementing the UK-Zambia double taxation agreement. British High Commissioner to Zambia James Thornton said the agreement will help promote and foster business linkages between British and Zambia companies. In a press statement issued to ZANIS in Lusaka today, Mr. Thornton said the… – Continue reading
The Britain has commended the Zambian government for implementing the UK-Zambia double taxation agreement. British High Commissioner to Zambia James Thornton said the agreement will help promote and foster business linkages between British and Zambia companies. In a press statement issued to ZANIS in Lusaka today, Mr. Thornton said the… – Continue reading
Over the past year, a number of legislative measures have been adopted to ensure that the Cayman Islands remains the leading jurisdiction of choice for structured finance and capital markets transactions and for secured lending transactions generally. This article focuses on two recent key legislative developments. The first is the… – Continue reading
Over the past year, a number of legislative measures have been adopted to ensure that the Cayman Islands remains the leading jurisdiction of choice for structured finance and capital markets transactions and for secured lending transactions generally. This article focuses on two recent key legislative developments. The first is the… – Continue reading
“People have had ample opportunity to regularise their affairs”, says HMRC as it presents the next move in its “No Safe Havens” strategy. A package of measures was proposed in the Summer Budget 2015 designed to ramp up HMRC’s powers to tackle offshore tax evasion. With civil deterrents and civil… – Continue reading
There has been much recent focus on tax structures employed by multi-national corporations. This has led to an initiative, spearheaded by the OECD, to combat “base erosion and profit shifting”, or BEPS. The shipping industry is likely to be affected both directly and indirectly by the BEPS initiative – directly,… – Continue reading
Foreigners must not be able to buy UK homes with “plundered or laundered cash” as part a global effort to defeat corruption, David Cameron has said. Speaking in Singapore, the prime minister vowed to expose the use of “anonymous shell companies” to buy luxury UK properties – often in London…. – Continue reading
In the first 100% Conservative Budget in nearly two decades, chancellor George Osborne has introduced a raft of changes, including significant revisions to UK non-dom status. On 8 July, chancellor George Osborne delivered the first Conservative Government Budget for 19 years. Many headlines had already been flagged up in advance,… – Continue reading
Tax season is daunting enough at home – let alone in a foreign country. That’s why expats David and Carrie McKeegan started Greenback, the tax company designed specifically for American expats. The Local talked to the couple about how to handle taxes in Switzerland. Taxes are complicated enough in your… – Continue reading
White-collar criminals who launder billions by buying luxury UK properties must be tackled, Prime Minister David Cameron said on Tuesday. Experts warn these fraudsters are distorting the UK property market and pushing up house prices in the process. Cameron’s criticism of money laundering formed part of a broader speech on… – Continue reading
This article deals with the manner in which Canada has complicated, and rendered controversial, what in most other countries is straightforward — the deductibility of business related interest expense. The reasons to write about it are threefold: the almost-concurrent issuance of the Canada Revenue Agency’s administrative views on the matter… – Continue reading
The IRS released the fourteenth FATCA GIIN list of foreign financial institutions (FFIs) that have registered with the IRS through its FATCA portal. The IRS provides these FFIs a Global Intermediary Identification Number (GIIN). The FFI may then use its unique 19 digit GIIN to complete the IRS tax self… – Continue reading
Manama, July 27 (BNA): The cabinet has strongly condemned all forms of interference by Iranian officials in the domestic affairs of the Kingdom of Bahrain, noting that such meddling is a flagrant violation of the UN Charter and the norms of International Law. The weekly session reiterated Bahrain’s keenness on… – Continue reading
July 27: Japan’s Ministry of Finance announced the exchange of diplomatic notes concerning application of Article 7 (Business profits) under the new income tax treaty between Japan and the United Kingdom. Background Provisions of the amended Japan-UK income tax treaty (signed 17 December 2013) generally were effective 1 January 2015…. – Continue reading
According to a recent report from National Crime Agency’s Economic Crimes Unit showed a recent spike in the receipts from a tax on homes purchased by companies, trusts or investment funds. In a report from theguardian.co.uk, this may be a clear indication that foreign criminals are using the London housing… – Continue reading
Six people, one a financial adviser, have been arrested as part of an investigation into a suspected £4 million tax evasion and money laundering fraud. Officers from HM Revenue and Customs searched six premises in Telford and Wolverhampton last week and arrested the four men and two women. During the… – Continue reading
HSBC could have to relinquish its membership of the FTSE-100 index if it moves its HQ to Hong Kong, Sky News understands. HSBC is wrestling with the potential loss of its membership of London’s blue-chip share index if it moves its headquarters back to Hong Kong after a 23-year absence…. – Continue reading
Anyone running a business online through an app store, listings site or similar services could face new scrutiny on tax as part of a government crackdown on tax evasion. Under the new terms, Airbnb, Apple, Amazon eBay and Gumtree could all be required to hand over user information to the… – Continue reading
Russian businesses are preparing to issue a blitz of foreign debt, despite financial sanctions that have all but closed the country’s access to international capital markets for the last year, according to the head of one of its leading banks, reports the Financial Times. Igor Vayn, chief executive of investment… – Continue reading
It is widely recognized that offshore banking secrecy is fast becoming a thing of the past. The signing of bi-lateral and multi-lateral agreements between jurisdictions and the fast approaching Common Reporting Standard (CRS) under which jurisdictions will automatically exchange financial information has seen to that. The UK’s voluntary disclosure program… – Continue reading
A new report says house prices in the United Kingdom have been on the rise over foreign criminals’ purchasing of British property. According to the Times report, foreign crime lords are pushing up house prices in Britain by laundering billions of pounds through the purchase of expensive properties. The report… – Continue reading
Amazon has topped a poll to find Britain’s favourite retailer – despite being dogged by allegations of tax avoidance and not paying staff well. The online retailer, which is also embroiled in a row over authors’ rights, came first in a huge survey of British consumers carried out by media… – Continue reading
London, United Kingdom, July 25, 2015 –(PR.com)– A Secure On-line Reporting System which provides a cost-effective method for financial institutions’ FATCA and Common Reporting Standard (CRS) reporting requirements has been successfully deployed. Developed by Webtech Limited in conjunction with Russell Bedford’s Isle of Man member firm SMP Partners, the solution… – Continue reading
Corporations, usually based in offshore tax havens, are sometimes used by buyers keen to hide ownership of assets, says National Crime Agency spokesman Foreign criminals are using the London housing market to launder billions of pounds, pushing up house prices for domestic buyers, a senior police officer has warned. Donald… – Continue reading
Wealthy investors in multiple tax avoidance schemes are being leaned on to settle what the tax authority sees as due, or risk reputational damage, reports the Financial Times. Although the government has yet to legislate for powers to “name and shame” tax avoiders, HM Revenue & Customs has warned a… – Continue reading
HM Revenue & Customs (HMRC) has won a case against £29 million ‘sham’ tax avoidance scheme in a tribunal case, reports Citywire. The First-Tier Tribunal rules against tax avoidance scheme the Brain Disorders Research Limited Partnership and partner Neil Hockin’s attempts to claim £29 million in tax relief. The investors… – Continue reading
The implementation of stricter taxation scrutiny globally shows no sign of abating. Nonetheless, Guernsey is well-placed to meet many of these challenges, and indeed thrive in this new world order. Guernsey has repeatedly demonstrated an ability to comply with international obligations and adapt to challenges and changing circumstances and the… – Continue reading
The UK and Liechtenstein have published a Joint Declaration that provides for the early closure of the Liechtenstein Disclosure Facility. The UK’s March 2015 Budget brought forward the final date for registration to participate in the LDF from April 2016 to December 31, 2015. The Joint Declaration, signed this month,… – Continue reading
A business partnership claims to have successfully deployed a secure online reporting system for financial institutions grappling with the headache of FATCA and Common Reporting Standard (CRS) reporting requirements. Developed by Webtech Limited in conjunction with corporate service provider SMP Partners, the ‘solution’ is said to be designed by users… – Continue reading
Introduction US tax treaty policy can be affected by pressures for tax reform from within the United States and by major developments in international taxation from without. Talk of US tax reform has been widespread for years, although it is sometimes hard to gauge how much of the talk is… – Continue reading
HM Revenue and Customs (HMRC) has published details of proposals to strengthen sanctions against serial promoters and users of tax avoidance schemes, and introduce specific penalties where the General Anti-Abuse Rule (GAAR) applies. The plans are set out in a new HMRC consultation, which explains how each of the measures… – Continue reading
Plans to create a public registry of the real owners of UK companies should be extended to make it clear who is behind the companies that own high-value London properties, Global Witness has said. Plans to create a public registry of the real owners of UK companies should be extended… – Continue reading
A pressure group is calling for estate agents to conduct additional checks to ensure the legal provenance of buyers’ funds, and wants all on- and off-shore companies owning UK property to be obliged to tell the Land Registry the identify of their beneficial owners. Global Witness – a group campaigning… – Continue reading
The UK’s tax authority has launched a consultation to provide certainty around the tax treatment of new types of insurance capital, reports IFR Asia. The government said as part of the 2014 Budget that it would make regulations to ensure that insurers’ Solvency II instruments, that are issued in the… – Continue reading
The government wants the UK’s largest businesses to sign a voluntary code of conduct on tax which would see them renounce aggressive tax planning and vow to follow the spirit as well as the letter of the law. Big businesses would also be obliged to publish an annual tax strategy,… – 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
The UK Government has published draft legislation on devolving certain tax matters to Scotland (the Bill). It intends that the draft legislation should implement the terms of the devolution agreement made in November 2014 between the Westminster and Holyrood governments. Having looked over the Bill, it appears that the Scottish… – Continue reading
