Guernsey removed from Italian tax blacklist
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.
Tax & Regulation
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Cyprus laws set to protect offshore homeowners from bank seizure
New laws designed to protect homes from being seized by Cypriot banks are set to be passed in Cyprus following months of delays.
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HK reforms will cause “collateral damage” – IFAA
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.
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Non-Doms: The New Political Battleground
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.
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Tax mistakes in offshore bond withdrawals may be reversible
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.
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Tax experts attack Labour ‘non-dom’ plan
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.
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Labour threatens to scrap ‘non-dom’ tax regime
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.
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Offshore evaders face ‘endgame’ under Common Reporting Standard
Tax evaders hiding assets offshore will face an “endgame” when the OECD’s Common Reporting Standard is introduced next year, Blevins Franks has said.
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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.
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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.