consultation closes today on hmrc plan
A consultation closes this evening on a plan that would enable HM Revenue & Customs to be able, in certain cases, to demand upfront payment of tax it claims it is owed, but which is in dispute.
Tax & Regulation
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us treasury irs issue final fatca regs
The US Treasury Department and Internal Revenue Service on Thursday issued the long-awaited final tranche of regulations spelling out how foreign financial institutions are to comply with the Foreign Account Tax Compliance Act, which takes effect on 1 July.
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jersey regulator seeks powers to quiz employees
Jersey’s financial regulator may have new powers by the beginning of September this year, enabling it to question former employees of firms which are under investigation.
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german swiss tax deal similar to
A deal that would have enabled Germans with undeclared assets in Swiss institutions to pay the back taxes they owe without having their identities revealed is “dead and buried” because of public opposition, Bloomberg has reported.
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uk taxpayers set to gift an extra 100m
UK taxpayers are set to waste as much as £4.7bn this year by not taking advantage of available tax mitigation tools, according to new research.
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battle lines being drawn over australian rdr
Special interest and consumer groups in Australia have begun to speak out over a government plan to make significant changes to the country’s recently-enacted package of investor protection laws, which were among the first globally to include a ban on the use of commissions as payment for providing financial advice.
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trusts rival wills for certainty and protection
Improved certainty and protection are among five key advantages advisers see for using a trust over a will, according to research from Skandia International.
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record number of yanks said im out
More than three times as many Americans gave up their US citizenship last year as in 2012, the latest US Treasury Department data shows, setting a new record, and prompting questions about what is driving the trend.
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oecd unveils auto exchange of info
The Organisation for Economic Cooperation and Development today published a document setting out its current Standard for Automatic Exchange of Financial Account Information, ahead of a meeting of G20 finance ministers in Sydney next week.
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australia govt to seek to water down
Financial planners in Australia will “once again be able to earn commissions for selling a wide range of investment products” if a government plan to “water down investor protection laws” goes through, one of the country’s leading financial publications reported over the weekend.
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wary canada signs fatca agreement
Canada has become the latest country to agree to implement the US Foreign Account Tax Compliance Act‚ in spite of what some of its politicians have said has been its southern neighbour’s occasionally heavy-handed efforts in recent years to extract unpaid taxes and penalties from Canadians.
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fsa targets death bonds
The FSA has set its sights on banning the sale of traded life policy investments (TLPIs) to UK retail investors‚ calling them 'high risk and toxic' products.