Australia set to sign treaty with switzerland
Australia is to sign a new tax treaty with Switzerland "at the earliest opportunity" as its government joins others around the world in making long standing bank secrecy arrangements more transparent.
Tax & Regulation
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uk advisers targeted by hmrc for involvement
Around 200 UK-based advisers, accountants and lawyers are to be scrutinised by HM Revenue & Customs for their involvement with “complex offshore structures” to conceal assets for wealthy individuals and companies.
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us senator introduces bill to repeal
A US senator has introduced a bill to repeal "anti-privacy" provisions of the controversial Foreign Account Tax Compliance Act, arguing that FATCA "infringes upon basic constitutional rights".
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ailo writes to two meps in fight to change regs
The Association of International Life Offices has written to two members of the European Parliament in a new salvo to get life products treated differently from investment funds, while also acknowledging that it faces an “uphill struggle” in getting this message across.
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hmrc clampdown on offshore trusts face jail
UK residents who have access to money through offshore trusts are being advised to check that their arrangements are still within the current tax laws following HMRC’s recently announced swoop on trusts that are being used to hide income and wealth overseas.
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osborne claims significant step forward
UK chancellor George Osborne claims to have a made a “significant step forward in tackling illicit finance”, after the Treasury announced “all British Overseas Territories with significant financial centres” had agreed to sign up to its latest strategy on tax transparency.
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cayman offers to join g5 pilot project bank info
The Cayman Islands premier Juliana O’Connor-Connolly has written to the UK prime minister David Cameron to offer to join the G5 countries’ pilot project on the automatic exchange of bank account information.
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us senator lobby group in tax info disclosure
A US state senator and conservative think tank are pushing back against international moves that they say would give foreign governments too ready access to the tax information of US citizens.
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big four accountancy firms have unhealthily cosy
The House of Commons’ Public Accounts Committee (PAC) led by MP Margaret Hodge has today launched a scathing attack on the “unhealthily cosy” relationship between the Big Four accountancy firms and the UK Government.
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investment strategies for us clients
With employment and education scattering family members across the globe, lifestyles are becoming increasingly multi-national.
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step journal swiss minister attacks anglo saxon
Swiss finance minister Eveline Widmer-Schlumpf has revealed an antipathy towards trusts, which appears to mirror the thinking behind France’s recent move to force trusts to report on any French tax-resident beneficiaries they may have.
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Guernsey signs DTA with Hong Kong
Guernsey has signed a Double Taxation Agreement with Hong Kong, the seventh signed by the Channel Island.