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.
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.
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.
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.
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.
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.
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.
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.
Tax evasion and aggressive tax avoidance were once again targets of the UK Chancellor George Osborne when he gave his Autumn Statement this afternoon.
Switzerland and the US initialed an agreement giving exemptions to the implementation of the tax legislation FATCA yesterday in Washington, D.C.
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…
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.
