Australia’s corporate and financial service regulator ASIC has ordered the Commonwealth Bank to contact up to 2,740 customers and give them A$5,000 for an independent review of their financial position after they received poor advice.
UK families are facing average inheritance tax bills of up to £130K; according to research from Canada Life International; highlighting the need for more planning to reduce the liability.
Contrary to concerns from an association of IFAs which claimed regulatory reforms in Hong Kong will cause “collateral damage”, one expert has argued these changes are “long overdue” and the industry will eventually recover.
Australia’s corporate, markets and financial services regulator said it is investigating multiple instances of financial services firms charging clients for advice where it was not provided.
The Italian Ministry of Finance has taken Guernsey off its revised tax blacklist of tax havens as a result of improved standards on exchanging tax information.
New laws designed to protect homes from being seized by Cypriot banks are set to be passed in Cyprus following months of delays.
The chairman of Hong Kong’s Independent Financial Advisors Association has said the industry will suffer “collateral damage” in the first half of 2015 due to the over-ambitious time frame of regulatory reforms.
Some commentators were prompted to say that the election battle began in earnest earlier this week, with Ed Miliband’s announcement Labour will do away with the rules which provide for the remittance basis of taxation in the UK.
Savers who inadvertently incur a heavy tax bill by drawing down funds from an offshore bond in a tax inefficient manner may be able to apply to the courts to reverse their decision, according to a recent legal decision.
Tax experts have slammed the Labour party’s proposal to scrap the non-domicile regime, claiming the move would be “reckless” and would create unknown economic effects.
The UK’s non-domicile tax regime could be abolished if the Labour party comes to power in May, but experts claim this would be a “disaster” for the UK economy.
Tax evaders hiding assets offshore will face an “endgame” when the OECD’s Common Reporting Standard is introduced next year, Blevins Franks has said.
