Weariness prevails as UK’s autumn statement looms
With the autumn statement looming large, industry leaders are speculating, with more than a small hint of weariness, about what the chancellor could announce this time.
Tax & Regulation
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UK non-dom changes unfair, unreasonable, disproportionate
Plans that would effectively end the UK’s non-domicile status for tax purposes have the potential to do more harm than good and could be contrary to EU law, according to the Institute of Chartered Accountants.
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Brazil proposes voluntary offshore asset disclosure
Brazil’s federal government has submitted a bill to the Senate to establish a voluntary disclosure programme that would allow companies and individuals to regularise any undeclared offshore assets without facing criminal prosecution.
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Singapore’s IMA unveils fund risk guidelines
The Investment Management Association of Singapore has released a set of guidelines for fund management firms to better understand the potential risks of the products they sell.
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Jersey and Spain sign tax information exchange agreement
As early adopters of the new global standard for the automatic exchange of information; Jersey and Spain signed a tax information exchange agreement (TIEA) on Tuesday.
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FCA outlines terms for asset management study
The FCA has published terms of reference for its asset management market study, focusing on industry competition, remuneration and the role of investment consultants.
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China considering super-regulator
China is considering amalgamating its banking, insurance, and securities regulators into a single super-commission.
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City lawyer urges proactivity as LDF cut-off looms
Roughly 40% of those enjoying the tax amnesty available through the Liechtenstein Disclosure Facility (LDF) only did so following unrelated HMRC enquiries.
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HMRC grows Affluent Unit in tax avoidance crackdown
A sharper focus on offshore banking activity and tax avoidance has seen HM Revenue & Customs grow its Affluent Unit by more than 50% in the past two years.
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HMRC operation overhaul questioned by experts
HM Revenue & Customs’ plans to modernise its operation, consolidating 170 offices into 13 regional centres has seen tax experts question its motives.
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EC signals MIFID II delay
The European Commission has said it is considering a delay of up to a year to the initiation of the second iteration of the Markets in Financial Instruments Directive.
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FCA asks industry to ‘road test’ new ideas
The Financial Conduct Authority is hoping its ‘regulatory sandbox’ – a proposed test environment for innovative new products and services – will help retain its position as Europe’s leading fintech centre.