hmrc to add 100 inspectors to team targeting
HM Revenue & Customs is to add 100 inspectors to its 200-strong Affluent Compliance Team, a team set up in 2010 to target wealthy Britons living in the UK who may be concealing money from the Revenue.
Tax & Regulation
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pkf to brits with swiss accounts
Just because you don't have a UK tax liability owing on your Swiss bank assets does not mean you are safe to ignore the reporting requirements imposed by a new UK-Swiss tax deal that took effect on 1 Jan.
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markit launches automated fatca tool in
Financial information and services company Markit has, in partnership with Compliance Technologies International, developed a tool to help non-US domiciled asset managers and other financial institutions deal with the upcoming implementation of the FATCA regulations.
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fatca compliance products unveiled by markit
As the date when non-US financial services companies will begin having to comply with the new FATCA regulations approaches, growing numbers of companies are introducing products aimed at helping them to do so.
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hmrc makes 640 requests from foreign govts
HM Revenue & Customs has made 640 requests for information on individual’s tax affairs to overseas governments in the 2011 2012 tax year so far, according to research from international law firm Pinsent Masons.
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oldest swiss bank to close after 74m fine for
The oldest Swiss bank is to close, having been fined $74m by the US authorities, after pleading guilty to charges of assisting US citizens avoid paying tax.
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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.
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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.