UK tightens rules on tax avoidance promoters
The UK tax office has announced plans to close a loophole which had emerged enabling some individuals to circumvent the current Promoters of Tax Avoidance Schemes (POTAS) legislation.
Tax & Regulation
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UK cuts tax free dividend allowance to £2k
The UK government has slashed the tax free dividend allowance will be reduced from £5,000 (€5,774, $6,108) to £2,000, chancellor Phillip Hammond announced in the Spring Budget on Wednesday.
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Surprise 25% Qrops charge rocks UK pension transfer market
The UK government’s shock decision to impose a 25% charge on transfers to foreign pension schemes announced in the Spring Budget could go as far as to “shut down” the Qrops market, according to industry observers.
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UK compensation scheme offers lifeline to Arch Cru investors
Investors in the ill-fated CF Arch Cru Funds have been offered the opportunity to have their claims reviewed and settled now by the Financial Services Compensation Scheme (FSCS), after it was revealed that the funds will not be wound up until December 2018 at the earliest.
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Canada taxman denies amnesty as more IoM schemes uncovered
The Canada Revenue Agency (CRA) has denied it is offering an amnesty to citizens using offshore company structures to avoid paying tax, adding that it is investigating a number of schemes it has uncovered on the Isle of Man.
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UK advisers to alert HMRC if clients use offshore tax structures
Financial advisers in the UK could be required to notify HMRC of all clients using offshore tax planning structures, according to George Bull, a senior tax partner at tax and consulting firm RSM, adding that the measure could be rolled out in the UK’s last ever Spring Budget on Wednesday.
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Int’l life company closures in HK ‘likely in near future’
Hong Kong will see an acceleration of the departure and downsizing of international life companies unless significant tax measures are taken to secure it as an insurance hub, according to an influential government advisory body.
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IoM regulator investigates another troubled sustainable fund
The Isle of Man Financial Services Authority (IOMFSA) has appointed a controller for Quadris Environmental Forestry Fund PCC, a fund investing in Brazilian teak plantations, its third such move against a sustainable fund in less than a year.
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Canada vows to curb tax dodgers amid KPMG offshore scandal
Canadian prime minister Justin Trudeau has vowed to do a “better job” tackling tax evasion and tax avoidance following a high-profile exposé into how wealthy individuals used an Isle of Man-linked offshore scheme to avoid paying C$130m (£79m, $97m, €91m) in taxes.
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HMRC reveals 80% rise in annual allowance breaches
The number of people breaching the annual allowance has jumped by almost 80% for the 2014/15 tax year, data from HM Revenue & Customs (HMRC) has shown.
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HK regulator brings in fee disclosure for fund managers
Hong Kong’s Securities and Futures Commission now requires fund managers to disclose the ongoing charges figure (OCF) on their funds’ key facts statements (KFS), according to a circular from the regulator.
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South Africa delays financial regulator overhaul
Changes that would have seen South Africa’s Financial Services Board (FSB) rebranded, handed a new mandate, and the introduction of a ‘Twin Peaks’ regulatory system have been postponed.