isle of man life companies are ready for uk rdr
The Manx Insurance Association is ‘confident’ that its members are in a position to offer RDR compliant products and services for business written from 2013.
Tax & Regulation
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uk adviser jailed for vat fraud gambled proceeds
A UK-based financial adviser has been jailed for five years for helping a client commit a VAT fraud, the proceeds of which he then used to gamble in London casinos.
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singapore and jersey sign dta
The Jersey government yesterday signed a double tax agreement (DTA) with Singapore at the Asian country’s High Commission in London.
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legislation would boost investor protection
Two bills aimed at protecting investors were introduced into the Singapore Parliament today, as the first part of a two-phase review of Singapore’s existing Securities and Futures and Financial Advisers acts.
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hmrcs foreign expat tax take increases
The tax-take from investigations into high income foreign workers has increased by 23% over the past two years, according to figures obtained by international law firm Pinsent Masons, indicating a heightened focus by HM Revenue & Customs on the financial affairs of those working in the City.
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singapore regulator ticks off pias
Professional Investment Advisory Services has been reprimanded by the Monetary Authority of Singapore for failing to ensure that “two of its representatives held the requisite licence under the Financial Advisers Act to carry out the financial advisory activities of advising others”.
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crown dependencies to sign fatca agreements
The governments of Guernsey, Jersey and the Isle of Man have announced plans to negotiate partnership agreements with the US to implement FATCA.
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celebs used tax breaks from shipwreck salvage
Celebrities and some of Britain’s most senior businessmen invested more than £110m into marine treasure hunts, which allowed them to avoid tax on millions of pounds, according to The Times newspaper.
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hmrc head of tax is targeted by protesters
Protesters gatecrashed a college at the UK’s famous Oxford University where HMRC’s former head of tax Dave Hartnett was giving a speech, according to this week’s Oxford Times.
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take that stars and anne robinson named
Three members of boy band Take That and BBC Watchdog presenter Anne Robinson have been named by The Times newspaper as four of about 2,000 people believed to have used a highly aggressive tax avoidance scheme based in the Channel Islands.
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swiss tax deals to go ahead as referendum avoided
Switzerland will not hold a referendum in November on deals with the UK, Germany and Austria which will see those countries tax secret bank accounts held in Switzerland, after opponents of the agreement failed to gather enough signatures to force a vote.
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legis group launches tax advice firm
Guernsey based Legis Group has launched a new tax service offering tax compliance and advisory services to individual private clients, owner-managed businesses and local trust and fund administration companies.