Nine in 10 advisers still reliant on trail commission
Trail commission remains an important driver of income for 93% of advisers despite the charge being completely banned from next April, a survey has found.
Tax & Regulation
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First FATCA reporting deadline passes, but issues remain
The first reporting deadline for the US Foreign Account Tax Compliance Act (FATCA) has now passed, although “obstacles” still stand in the way of full compliance.
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Court rules French social taxes unjust
Non-French residents will no longer have to pay social charges on unfurnished rental income or capital gains on French property after the taxes were ruled as “discriminatory” by the European Court of Justice.
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FCA proposes extension of inducement
The Financial Conduct Authority has proposed extending the inducement standards set out by the Markets in Financial Instruments Directive II (MiFID II) to those providing restricted advice and to discretionary managers.
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Cayman Islands launches FATCA portal
The Cayman Islands Tax Information Authority has launched an online portal to allow local financial institutions to report information required under the US Foreign Account Tax Compliance Act (FATCA).
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HMRC to introduce strict liability offence
HM Revenue & Customs plans to introduce a new strict liability criminal offence on both offshore tax evaders and those who help them following the UK Governments clampdown on tax dodging in yesterdays Budget.
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Budget 2015 Winners losers and kneejerk reactions
The dust is still swirling around the House of Commons and copies of white papers are being furiously read, but the initial reactions are in on this year’s national budget. And, the consensus, if one believes twitter and the stock market seems to be mixed.
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Liechtenstein Disclosure Facility to end early
The UK Government has announced in todays Budget that it will close the Liechtenstein Disclosure Facility (LDF) half a year earlier than expected in order to make room for a tougher disclosure facility.
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Life ban for BlackRock fare dodger was ‘disproportionate’
The Financial Conduct Authoritys lifetime ban on an ex-BlackRock managing director who avoided £43,000 in ticket fares has been described as disproportionate and draconian by the head of the representative body for the UKs securities and investment industry.
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LM investors recover A$40m from retirement village
Thousands of customers invested in an LM Investment Management fund have received their biggest return since the collapse of the company.
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Two thirds of Britons oppose HMRC
Two thirds of Britons are opposed to the UK Governments ability to demand the payment of disputed tax without passing through the court system, a poll released today has found.
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Avoidance promoters to face 1m fines over
HM Revenue & Customs has ramped up the rules around tax avoidance schemes with “high risk” promoters now facing fines up to £1m.