Footballers face £100m losses on film scheme investments
Two financial advisers are responsible for losing as many as 100 top footballers more than £100m from investing in film and property ventures.
Tax & Regulation
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MPs attack HMRC for ‘failures’ over tax avoidance reports
HM Revenue & Customs is still failing to report how much cash it has received from its efforts to address aggressive tax avoidance, a group of MPs has said.
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Firm warns against HMRC bankrupting taxpayers over APN disputes
HMRC should not pursue insolvency proceedings to demand that tax allegedly owed from years ago be paid in full until the underlying dispute has been resolved, warned law firm RPC.
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South Africa advisers should learn from UK’s RDR
South Africa’s asset managers need to learn from the UK’s Retail Distribution Review experience and work in partnership with financial advisers when implementing next year’s regulatory changes, according to Brooks Macdonald International’s business development director.
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HMRC reveals tax bill for international life cos and others
HM Revenue & Customs has set out the UK VAT changes that will go live from 1 January 2016 resulting from a European Union court case involving Skandia American Corporation and Sweden’s tax authority.
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MiFID II deadline extension needed, says Efama
National legislators and regulators will all implement the MiFID II directive differently. Since this creates complications for international asset managers, the European Fund and Asset Management Association (Efama) wants an extension of the deadline for full implementation of MiFiD II, which is currently set at January 2017.
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Liechtenstein and EU sign tax transparency agreement
Liechtenstein and the EU Commission have signed an agreement on the automatic exchange of information (AEOI), which will ensure greater transparency and cooperation between tax authorities.
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Calls resurface for new UAE industry body
The idea of an industry body to represent asset managers based in the Middle East in dealing with regulators and government departments may be about to resurface.
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MiFID II costs will create a ‘squeezed middle’, predicts Deloitte
MiFID II will have significant and wide-ranging implications for the strategy, operations, conduct, and governance of a wide range of firms in Europe, even ahead of its implementation on 3 January 2017, according to Deloitte.
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IoM set for single financial services regulator
A year after it was announced, the Isle of Man’s three main financial regulatory bodies will merge on 1 November 2015, creating the Isle of Man Financial Services Authority (IoMFSA).
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UK tax gap stable at £34bn
The UK’s ‘tax gap’ has remained around the £34bn mark over the previous year, according to the latest figures from HM Revenue & Customs.
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Margaret Hodge calls for overhaul of UK tax laws
Former chair of the UK public accounts committee Margaret Hodge, who has repeatedly attacked the use of offshore tax avoidance schemes, has called for an overhaul of the British tax system.