The UK pensions minister Ros Altmann says the new powers handed to the Financial Conduct Authority to cap exit fees on savers seeking access to their pension pots will apply equally to occupational and work-based personal schemes.
A double taxation agreement (DTA) has been signed by Canada and Taiwan, limiting the withholding tax rate for dividends, interest, and royalties.
Delaying the implementation of Mifid II until January 2018 still might not give enough time for the European Securities and Markets Authority (Esma), national regulators, and market participants to make the necessary IT changes, says Esma chair Steven Maijoor.
The European Securities and Markets Authority has come under pressure to complete its assessment on whether nine countries, including the US, Singapore and Hong Kong, should get access to the marketing ‘passport’ under the Alternative Investment Fund Managers Directive (AIFMD).
Cayman Islands has introduced limited liability company (LLC) legislation that combines the key features of a company and a partnership, intended to increase the structuring options for US investment funds.
Residents of Brazil with undeclared offshore assets can now voluntarily declare and regularise their tax affairs without facing criminal prosecution and only face a one-off charge and penalty.
UK chancellor George Osborne has announced plans to introduce legislation to give the Financial Conduct Authority (FCA) the power to cap excessive early exit charges for those eligible to access their pension pots under the new pension freedoms.
Firms authorised by the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will have to collectively pay £363m ($518m, €475m) to fund the Financial Services Compensation Scheme (FSCS) in 2016/17, an increase of 13.1% from £319m in 2015/16.
UK wealth manager Close Brothers Asset Management (CBAM) said its Close Inheritance Tax Service (CITS), which can help investors reduce death duties, had raised a record £45m ($64m, €59m) in 2015.
There will be no end to the inequality crisis until world leaders end the era of tax havens, once and for all, according to a report from charity Oxfam.
UK chancellor George Osborne is likely to opt for a flat rate of tax relief on pension savings rather than a more radical move to a so called “pension Isa” when he announces the outcome of the government’s current review.
“Self-assessment” and “tax return” are words that will cause even the most diligent of us to feel as though we’ve suddenly developed narcolepsy. An onerous task at best, people have come up with various excuses as to why they failed to meet the 31 January deadline. Click through the gallery to see the 10 worst…
