HMRC set for Supreme Court fight over film scheme
A film scheme involving the distribution rights to two Disney films is taking HM Revenue & Customs to the UK Supreme Court to defend the £117m ($166m, €145.5m) it received in tax relief.
Tax & Regulation
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FCA to check consumer understanding of financial products
The UK’s Financial Conduct Authority has decided to check whether banks and building societies are making sure that customers understand the financial products they are buying.
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UK PM unveils new tax evasion law, defends £200k PET
The British prime minister David Cameron has announced a new law which makes companies criminally liable for employees who aid tax evasion as he defended his own tax affairs from mounting criticism following the ‘Panama Papers’ leak.
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All crown dependencies to provide company ownership data
The Isle of Man and Jersey have formally committed to provide beneficial ownership information to law enforcement and tax authorities in the UK, with Guernsey set to follow suit after its upcoming general election.
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UK launches taskforce to tackle Panama Papers
HM Revenue & Customs and the UK’s National Crime Agency will work with investigators, compliance specialists, the Serious Fraud Office and the Financial Conduct Authority (FCA) to deal with the fallout of the Panama Papers.
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IoM shares beneficial ownership data with the UK
The Isle of Man is to set up a central database of beneficial ownership information that it will share with law enforcement agencies in the UK.
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Nutmeg embraces US expats after Fatca reporting overhaul
Investment platform Nutmeg has confirmed it will make its services available to US citizens living in the UK, despite the growing number of wealth managers exiting the market due to the increased regulatory requirements relating to the Foreign Account Tax Compliance Act (Fatca).
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Transparency and technology at the forefront of change, says everyone
Deadlines to implement business changes thanks to new regulations are coming thick and fast. So how are international life companies and global intermediaries changing their business models as a result?
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Swiss banks in the spotlight as Panama fallout continues
Switzerland’s financial institutions must clamp down on money laundering, the country’s financial watchdog FINMA has warned.
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Asset managers should practice what they preach, says FCA
The Financial Conduct Authority has gently warned asset managers that they need to be clear in product descriptions and manage funds in line with stated strategies, following a review.
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FCA gives banks one week to reveal any ‘Panama Papers’ link
The Financial Conduct Authority (FCA) has given banks and financial institutions until next week to declare any links to Mossack Fonseca, the law firm at the centre of the ‘Panama Papers’ controversy.
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Panama president vows to improve transparency with ‘panel of experts’
In a televised address, president Juan Carlos Varela has said that Panama will create an international ‘panel of experts’ to help improve transparency in its offshore financial industry, in the wake of the ‘Panama Papers’ scandal.