final gaar legislation gets mixed reaction from
The UK Government yesterday published final draft legislation for a General anti-abuse rule, making some changes in response to feedback given as part of a consultation earlier this year.
Tax & Regulation
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uk to change discriminatory spousal iht rules
The UK Government is planning to relax the inheritance tax treatment of transfers from a UK domiciled individual to a non-UK domiciled spouse, following pressure from the European Commission.
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realilty of transparency far from ideals
Full transparency remains an elusive goal in most countries around the world, according to the latest annual report by Transparency International, which notes that 2012 has been a year of backward movement in many places, including parts of the Eurozone worst hit by the financial crisis.
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ireland finalizes agreement with us to implement
Ireland has become the latest jurisdiction to agree to an intergovernmental agreement with the US to implement FATCA. Final terms are expected to be worked through in the coming days.
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iom to initiate tax exchange deal with uk
The Isle of Man Government has announced that it will be adopting automatic tax information sharing arrangements with the UK which will follow closely the FATCA intergovernmental agreement.
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bvi introduces light touch fund manager
The British Virgin Islands has introduced a new fund regime, making it quicker and easier for fund groups to launch new funds in the jurisdiction.
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Jersey budget anti tax avoidance rules
Jersey’s 2013 Budget, which was approved yesterday by the States Assembly, will include measures to prevent its residents from avoiding tax through the use of Jersey companies from January 1.
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gaar draft to be published this month as
Tax evasion and aggressive tax avoidance were once again targets of the UK Chancellor George Osborne when he gave his Autumn Statement this afternoon.
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Switzerland initials fatca agreement with US
Switzerland and the US initialed an agreement giving exemptions to the implementation of the tax legislation FATCA yesterday in Washington, D.C.
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eight countries in which untraceable shell
Widespread media focus on offshore financial centres, particularly Jersey, in recent weeks has focused attention on their possible use by criminals to hide and launder money…
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crown dependencies meet uk treasury officials
The Governments of Jersey, Guernsey and the Isle of Man issued statements late this afternoon saying that they had met with UK Treasury officials about the possibility of extending the principles behind FATCA "to an exchange of information” with Britain.
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spanish authorities to scrutinise accounts
Spain’s tax office has won the right to see the 2006 and 2007 bank account details of those patron’s of Spain’s largest department store group, El Corte Inglés, who ran up 30,000 or more in charges on their store cards during each or both of those years, International Adviser has learned.