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.
The Swiss government has signalled that it is close to starting a renegotiation of its savings tax agreement with the European Union and also indicated a more open stance to wider cooperation on tax matters with the rest of the world.
HM Revenue & Customs is losing more than £17bn each year by not launching a tax amnesty, according to a report by accountants Crowe Clark Whitehill.
The Securities and Futures Commission has confirmed Hong Kong is one of 80 countries globally currently in negotiations with the US over its controversial FATCA law.
HM Revenue & Customs has come under fire for not getting to grips with the rise in level of complaints against it, which more than doubled over the year to the end of March 2013.
