Spotlight on FATCA
After four long years of preparation, early resistance and a fair amount of controversy, FATCA, the most far reaching piece of tax evasion legislation ever to have been enacted, has come into force.
After four long years of preparation, early resistance and a fair amount of controversy, FATCA, the most far reaching piece of tax evasion legislation ever to have been enacted, has come into force.
A last minute, state controlled tax sharing agreement between the US and Russia is currently awaiting president Vladimir Putins approval, after being passed by the Federal Assembly of Russia last Friday.
Proposals by HM Revenue & Customs to charge contentious tax payments up front have been called “unconstitutional” by a senior figure at an international law firm.
IRS commissioner John Koskinen has announced a revised version of the amnesty programme aimed at encouraging US citizens to declare offshore bank accounts, which includes tough penalties for wilful non-disclosure.
DeVeres chief executive Nigel Green has slammed calls for professionals, including financial advisers, to be prosecuted for advising on tax avoidance schemes.
New Zealand has signed a unique intergovernmental-agreement (IGA) with the US allowing it to keep low risk accounts exempt from disclosure after the introduction of FATCA next month.
The City of London Law Society has called for an independent body to be set up with the power to veto tax legislation as a way to avoid ‘huge damage’ to the UK tax regime’s reputation for stability.
The UK’s Financial Conduct Authority has signalled a sharper regulatory focus on holding client money with the publication of its policy statement today, and the prospect of other jurisdictions following suit.
HM Revenue & Customs has proposed a limit to the amount an individual can transfer into a series of trusts tax free, in its latest attempt to crack down on the use of multiple trusts to avoid inheritance tax (IHT).
The US tax authorities are set to make the amnesty programme aimed at encouraging US citizens to declare any offshore bank accounts less tough.
One fifth of UK accountants and tax advisers have not told all their clients about the terms of the Liechtenstein Disclosure Facility, a survey has revealed.
HM Revenue & Customs has sent out another letter to UK holders of Swiss bank accounts warning that they must settle their liabilities, and giving them the option of using the Liechtenstein Disclosure Facility.