EU’s new tax avoidance law to target Channel Island schemes
Schemes involving transactions to low tax jurisdictions such as Jersey and Guernsey will need to be reported to the European Union, under new legislation aimed at tackling tax avoidance.
Tax & Regulation
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Footballer to pay €2m to settle Spanish tax fraud case
Former Manchester United winger Angel di Maria has agreed to pay €2m ($2.2m, £1.76m) to settle tax fraud charges in Spain in the latest high-profile tax scandal to rock the football industry.
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Woman loses £50m UK divorce case over ‘sham offshore trust’
A woman in the UK has lost a £50m (€56.7m, $63.2m) divorce court battle after failing to prove her millionaire husband’s offshore trust was a sham.
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UK Queen’s Speech fails to address Finance Bill ‘limbo’
Key tax policies dropped from the Finance Bill in the run up to the general election will now be reviewed over the summer, the UK has announced, as the Queen’s Speech gave little clarity on the government’s tax plans for the coming year.
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CGT and IHT may fall victim to ongoing UK election stalemate
Attractive exemptions to the inheritance tax (IHT) regime as well as low capital gains tax rates could face the chopping block amid concerns that Britain is heading for a second general election this year.
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Mourinho accused of tax fraud by Spanish prosecutors
Manchester United manager Jose Mourinho has become the latest football figure to be accused of tax fraud by Spanish prosecutors.
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HMRC frames new string of conditions for APN avoiders
HM Revenue & Customs has set out a string of new conditions under which it may extend the time allowed to pay a tax bill under an accelerated payment notice (APN).
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Regulation to make life ‘harder and harder’ for wealth firms
Regulation will make the job of a wealth manager “harder and harder” over the coming years, Quilter Cheviot’s Mark Hallam has said.
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Firms must take action now on Mifid II permissions says FCA
Firms that need to change their regulatory permissions to comply with Mifid II must act now, the UK’s Financial Conduct Authority has warned.
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British expats top agenda as EU kicks off Brexit talks
Securing a deal on reciprocal rights for millions of British expats living in the EU is set to be the “first aim” of Brexit negotiations, which kicked into action in Brussels on Monday.
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UK hints at tax rises amid election uncertainty
British chancellor Philip Hammond has hinted at tax rises to help fund an end to the government’s austerity programme as prime minister Theresa May has yet to secure a deal that will allow the Conservatives to stay in power.
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Ronaldo eyes Spanish exit in anger over tax fraud charges
Football legend Cristiano Ronaldo may have decided to leave Real Madrid amid claims he is angry at his treatment by Spanish authorities and reports that Portugal has launched its own tax fraud probe into the world’s highest paid athlete.