Global film scheme gang on trial for £100m tax fraud
A financial adviser and a group of film producers who set up an international scheme are facing a trial for fraud.
Tax & Regulation
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Dead capital helps no one, says AILO’s Morgan-Moodie
The call for the world’s nine largest insurers to up their base capital by 10% under proposed ‘too big to fail’ rules does not show a considered appreciation of how well managed they are, AILO’s chief executive Alan Morgan-Moodie has told International Adviser.
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Tax experts criticise ‘thin’ non-dom consultation paper
The UK Government’s consultation paper on non-domicile status is “thin on the ground” when it comes to detail and, if introduced as proposed, will fail to treat some ‘non-doms’ fairly, according to tax experts.
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Intermediary profile: Power to the voice of South African IFAs
Ahead of RDR implementation in South Africa, IFAs would do well to consider whether to stay independent and seek other sources of revenue, or pool together to minimise governance expenses, explains Derek Smorenburg, the man behind the South African Independent Financial Advisors Association (SAIFAA).
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HMRC defeats tax avoidance scheme over DTA misuse
A tax avoidance scheme which exploited the UK’s double-taxation agreement with the Isle of Man has been defeated by HM Revenue & Customs.
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Pru move to Asia resurfaces, faces ‘too big to fail’ rules
Prudential, one of the international insurance companies identified by the Financial Stability Board as ‘global systemically important’, is reported to be considering again a move away from its UK headquarters to Singapore or Hong Kong.
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Offshore trusts spared from UK non-dom tax clampdown
Offshore trusts have been excluded from the UK Government’s plans to tighten its tax restrictions on non-domiciles.
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ESMA publishes final standards for MiFID II
The European Securities and Markets Authority (ESMA) has released its final technical standards for MiFID II and the Market Abuse Regulation (MAR), which set out how the new legislation will work in practice.
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New tax disclosure amnesty for Finland
Finland is on course to introduce new rules for a temporary amnesty allowing voluntary disclosure of undeclared foreign investment income.
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Treasury to ‘struggle’ if non-dom consultation waylaid
The UK Treasury accidentally alerted the public to a long-awaited consultation paper on the tax treatment of non-domiciles, despite the document not yet being in the public domain.
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New twist in IHT rules allows non property owners to gain
People do not need to own a property to take advantage of the new UK inheritance tax rules, according to a detailed technical note released by HM Revenue & Customs.
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Accelerated payment notices prolong HMRC inquiries, firm says
HM Revenue & Customs has “little incentive” to complete tax investigations after last year’s introduction of accelerated payment notices, a London-based law firm has warned.