The UK Treasury has announced a major crackdown on the promoters of aggressive tax avoidance schemes, which includes a proposal to strengthen the DOTAS rules to allow it to force promoters into providing the names of those avoiding tax.
Tax Justice Network, a UK-based organisation that campaigns against the use of tax havens by individuals and corporations, has released a study that finds as much as $21trn, and possibly more, is being kept out of the hands of tax authorities around the world.
Jerseys financial regulator has made the introduction of an RDR-type regime in the jurisdiction a priority for next year, according to its 2011 annual report released yesterday.
The UKs Financial Services Authority has today contacted a number of advisory firms, as well as lawyers and accountants, which it believes may wish to revoke their permission to provide investment advice after the implementation of the Retail Distribution Review.
The Jersey Financial Services Commission (JFSC) carried out a record number of new investigations into alleged rule breaches last year, according to a report in The Jersey Evening Post.
French banking giant Société Générale is to repay more than $11m to customers in Hong Kong after the City watchdog reprimanded it for overcharging on certain over-the-counter investment products sold by its wealth management division.
As the very public inheritance row involving Frances richest woman, L’Oréal heiress Liliane Bettencourt, and her daughter might suggest, the younger generation does not always react with deferential gratitude to the share of the family fortune they are allocated.
Individuals and businesses on the Isle of Man have until 7 Sept to comment on a range of elements of the island’s tax strategy, including whether its current 10% corporate tax rate should be widened.
HMRC has received more than 400,000 calls to its tax evasion hotline during the past five years, according to data obtained via a freedom of information request.
Following the recent Budget announcement that there is going to be an annual limit applied to payments to qualifying policies, which includes maximum investment plans (MIPs), a consultation is currently underway.
The European Securities and Markets Authority (ESMA) has today highlighted failings in adviser practice as it publishes two final sets of guidelines under the Markets in Financial Instruments Directive (MiFID), covering suitability of investment advice and compliance matters.
A UK taxpayer is to pay some £830,000 in back tax, fines and costs to the UK tax authorities after being found guilty of using an undisclosed HSBC account in Switzerland to hide his money, in HM Revenue & Customs’ first successful prosecution to be based on information obtained from HSBCs Geneva branch in 2010.
