Regulator fines adviser firm over ucis
The UK's Financial Services Authority has fined Pi Financial £58,300 for advising its clients to invest in high risk products, including Ucis, which were clearly unsuitable.
Tax & Regulation
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hmrc claims victory over stamp duty avoidance
The UK government has won an important court case defeating the use of a widely-marketed scheme to avoid stamp duty land tax, the knock-on effect of which could see the UK exchequer save up to £170m in lost revenue.
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efama calls on governments to sign up
The European Fund and Asset Management Association has written an open letter to “all interested governments and parties” encouraging all European governments to become FATCA partner countries, as with the G5.
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hmrc publishes consultation on bilateral
HM Revenue & Customs has launched a consultation seeking the finance and tax industry's views on the implementation of a bilateral agreement between the UK and the United States aimed at helping the UK comply with the US government's Foreign Account Tax Compliance Act (FATCA).
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hmrc launches new tax evasion task forces
HM Revenue & Customs has launched a series of new task forces today to tackle tax dodgers, one of which is aimed at the London-based legal profession.
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ernst and young fined in dubai and facing
International accountancy firm Ernst & Young has been fined by the Dubai Financial Services Authority, while it is also facing action from the Securities and Futures Commission of Hong Kong.
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french authorities publish trust filing guidelines
The French tax authorities have finally published long-awaited guidance confirming a filing date and providing details of what information must be disclosed by trusts with French connections.
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fatca agreement gives uk exemptions
UK registered pension schemes and tax-advantaged ISA savings products will be exempted from the new FATCA reporting requirements following a significant agreement signed by the US and the UK.
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hmrc used special computer software
HMRC has used special computer software to collect an additional £26m from inheritance tax over the last year, said David Gauke, exchequer secretary to the Treasury in a detailed speech earlier today at the Institute of Fiscal Studies conference.
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isle of man tax agreements with slovenia
Two tax agreements between the Isle of Man and the Republic of Slovenia have come into force, covering both tax information exchange (TIEA) and a double taxation agreement (DTA).
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aifmd as business threat but more transparency
The challenges fund managers face complying with the Alternative Investment Fund Management Directive (AIFMD) are highlighted by a survey from Deloitte, the business advisory firm.
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eu code group approves guernseys zero 10
Guernseys revised zero-10 corporate tax regime has been given a clean bill of health by the European Union, ending almost three years of uncertainty.