HMRC scores another win in film tax battle
HM Revenue & Customs has extended its run of victories against schemes seeking to exploit tax breaks for the UK film industry.
Tax & Regulation
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Swiss court overturns ban on releasing UBS client data to France
Switzerland’s Supreme Court has ruled that the government can comply with a French request for information about a UBS client’s bank account, despite the request probably being founded on stolen data.
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Nicaraguan bamboo fund shut down by IoM high court
An Isle of Man-based fund that convinced 189 people to invest $61m (£49.6m, €56.8m) in bamboo plantations in Nicaragua by promising returns of up to 500% was wound up by order of the Isle of Man high court on Thursday.
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HMRC tax avoidance case against Rangers football club ends
HM Revenue & Customs’ seven-year pursuit of Rangers Football Club for aiding and abetting tax avoidance ended on Thursday after two days at the UK supreme court, with a judgment expected within three to six months.
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S Africa to end ‘too generous’ overseas worker tax break
South Africa is to draft legislation overhauling its residence-based tax rules so that South Africans working in countries with no income tax, such as the UAE, will be liable to pay tax in their home country.
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UAE minister sets prospective VAT for Gulf at no more than 5%
VAT no higher than 5% will come into force from 1 January 2018 in the UAE and other Gulf States covering most products and services.
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UK supreme court rules against inheritance challenge
An estranged daughter has lost a supreme court bid to overturn her mother’s will, which excluded her only child and left her £0.5m ($0.6m, €0.57m) estate to three animal charities, in a decision that leaves things “slightly confused”, says Old Mutual Wealth’s Rachael Griffin.
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Four key IHT planning tips for residential nil rate tax band
Some changes in inheritance tax law can affect wills and trusts, including the introduction of the first tranche of the Residential Nil Rate Band (RNRB) of £100,000 on 6 April 2017, says Karen Clark, tax partner in charge of the London private client team at RSM.
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Fresh HMRC attack on tax evasion should ‘start with amnesty’
HM Revenue & Customs must issue one final amnesty for tax evaders to come clean about their financial affairs as part of a “concerted attack”, a leading tax firm expert has said.
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Asset management sector review dwarfs RDR, says Nucleus CEO
The UK Financial Conduct Authority’s report into the asset management sector is “way bigger” than the retail distribution review (RDR), with fund managers expected to “bear the sharp end of the pressure on fees”, says David Ferguson, chief executive of wrap platform Nucleus.
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Harlequin Property creditors called to bankruptcy meeting
Creditors of stricken overseas investment scheme Harlequin Property SVG have been invited to a meeting on 31 March 2017 to vote on the appointment of a bankruptcy trustee and investigators.
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IHT receipts predicted to leap by £1.8bn in five years
Rising house and equities prices will push up receipts from UK inheritance tax by £1.8bn ($2.2bn, €2.1bn) over the next five years, according to the Office of Budget Responsibility.