uks top tax cheats photographed receive 155
Thirty two of the UK’s top tax cheats received a total of more than 150 years in jail last year, as HM Revenue & Customs continued its crackdown on tax evasion.
Tax & Regulation
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hmrc to investigate investors in manx tax
Two hundred wealthy investors accused of sheltering millions of pounds in an Isle of Man based tax avoidance scheme have been sent letters by HM Revenue & Customs warning them they are to be investigated, according to a recent article in the Financial Times.
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cameron makes tax avoidance top priority
UK Prime Minister David Cameron has called on the leaders of the G8 group of the world’s wealthiest nations to take “bold steps” this year to drive growth in a time of “grave economic uncertainty”.
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five questions for clients to ask advisers
The UK’s Financial Services Authority has produced a consumer guide to explain its far reaching Retail Distribution Review, which banned commission payments from providers to financial advisers from the end of 2012.
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expats in spain warned to declare offshore
Advisers with expatriate clients who are tax-resident in Spain say they are urgently reaching out to their clients to warn them that they must begin reporting to the Spanish tax authorities about any overseas assets they hold worth more than 50,000, following a recent change in the country’s tax regime.
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ireland signs fatca agreement
Irish and American officials today signed an agreement whereby Ireland has pledged to collect data on accounts in Irish financial institutions held by Americans, and provide it to the US tax authorities.
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uk commission pushes for electrified banks
The UK’s new Parliamentary Commission on Banking Standards (PCBS) today called for the Government’s draft banking reforms to include a hard hitting ‘separation power’ that would force a ring-fenced bank to split itself apart completely.
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hmrc adopts settlement strategy on tax avoidance
HM Revenue & Customs is giving a settlement opportunity to those who invested in certain tax avoidance schemes, many of which are registered in Jersey, with the aim of contacting eligible investors by the end of January 2013.
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isle of man signs tax agreement with argentina
The Isle of Man has signed a tax information exchange agreement (TIEA) with Argentina, which is its first such arrangement with a country in South America.
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cable calls for greater international cooperation
The UK’s business secretary Vince Cable has said government are “behind the curve” on corporate tax avoidance and has called for more international co-operation to tackle multinational companies moving profits to low-tax countries, according to The Guardian.
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professor claims better way to cut tax fraud
Tax evasion and business fraud could be tackled better with more accurate data about the nature and extent of offending, according to research by Michael Levi, professor of criminology at Cardiff University.
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jesey fsc planning fines for codes of practice
The Jersey Financial Services Commission is in the process of drawing up legislation that would impose fines on financial services businesses that breach the codes of practice in force on the island in their particular sector.