Footballers strike HMRC deal to slash tax bills on image rights
Around 180 football stars are using ‘companies as pension pots’ to save tax on their earnings after their clubs struck a deal with HM Revenue and Customs (HMRC).
Around 180 football stars are using ‘companies as pension pots’ to save tax on their earnings after their clubs struck a deal with HM Revenue and Customs (HMRC).
Last year at about this time I wrote a piece titled: What if the Fed is wrong and other scary thoughts for 2016?
The US Securities and Exchange Commission (SEC) has confirmed that enforcement director Andrew Ceresney is to leave the agency by the end of the year, the latest in a series of high-profile departures from the regulator.
Disciplinary action taken by Hong Kong’s Securities and Futures Commission (SFC) kicked up a gear during 1H16, rising 66.7% from last year.
A tighter framework for closed books of life and pensions business has been unveiled by the UK’s Financial Conduct Authority (FCA) after uncovering poor practices in parts of the industry.
The gap between tax avoidance and evasion is disappearing and it is “immoral” to refer to it in the modern tax debate, said Richard Murphy, professor in practice in international political economy at City, University of London.
Non-domiciled investors in UK residential properties held via an offshore corporate structure are being urged to check with their advisers about their Inheritance Tax (IHT) liability after the government published plans to tighten the rules.
HMRC is currently investigating 43 football players and 12 clubs over their use of offshore companies to avoid paying tax on money earned through image rights in the UK, with a senior official revealing the tax office has clawed back £158m ($199m, €186m) in the last two years.
The Hong Kong Monetary Authority (HKMA) and the UK’s Financial Conduct Authority (FCA) are to “foster collaboration between the two regulatory authorities in promoting financial innovation”.
The UK’s plans to change the way overseas pension schemes are taxed and regulated have been welcomed by some providers, who say the changes will level the playing field between Rops and UK pensions and increase consumer protection.
HMRC is to go ahead and issue hefty fines to financial advisers found guilty of helping their clients avoid tax, as it sets out clear guidelines on who exactly will be affected by the move.
HM Revenue & Customs’ plans to review personal portfolio bonds (PPB) and potentially correct cases where British expats are left with ‘inequitable’ tax charges when they return to the UK, have been welcomed by industry.