cayman formalises tax information deal
The UK has published an intergovernmental agreement to improve international tax compliance with The Cayman Islands.
The UK has published an intergovernmental agreement to improve international tax compliance with The Cayman Islands.
There was a sharp decline in the number of disclosures of tax avoidance schemes in the latest six months to September 2013, according to official figures from the HM Revenue and Customs.
Almost 1,700 employees left HMRC in the last 12 months, the highest number in four years, as the department comes under increased pressure to clamp down on tax evasion.
Jersey has enshrined the controversial Hastings-Bass rule into law via an amendment to its trust legislation, in what Jersey Finance has hailed as a “legal first within the international trust’s arena”.
The Channel Islands of Jersey and Guernsey have signed 'intergovernmental agreements' on the automatic exchange of tax information with the UK, adding to existing provisions that currently provide for information to be exchanged between the authorities of the two Crown Dependencies and the United Kingdom.
HM Revenue & Customs today unveiled changes in the way pension schemes are to be registered and transferred, as part of a bid to crack down on so-called pension liberation schemes.
The amount of additional tax recovered by HM Revenue & Customs following investigations into personal tax returns has increased by almost 40% since last year.
The European Commission has opened an “in-depth investigation” into whether a corporate tax regime Gibraltar implemented in 2011 “selectively favours certain categories of companies, in breach of EU state aid rules”.
The Swiss government is to introduce new laws to ease the sharing of tax information with other states in line with OECD standards, but is to keep in place measures which mean targets must be notified of an investigation.
As US financial institutions become increasingly aware of FATCA and its implications, a growing number of them are urging Congress to think again, says David Kuenzi, of US-based Thun Financial Advisors
The Isle of Man has become the first British Crown Dependency to sign an agreement with the UK extending the automatic disclosure of tax information.
The UK’s ‘tax gap’ for the 2011-2012 tax year at stood at £35bn ($56bn, 41bn), or 7%, continuing a long-term downward trend, according to figures released late last week.