barclays blocked from using highly abusive
Barclays has been blocked by the UK government from using two highly abusive tax avoidance schemes, which it is claimed would have cost the UK Treasury around £500m in lost revenue.
Tax & Regulation
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trail allowed and no budge on legacy but fsa
The FSA today aimed to allay confusion surrounding legacy and trail commission post-RDR, but warned it would maintain a close supervisory eye on intermediaries’ behaviour to detect any foul play.
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jersey signs double tax agreement with hong kong
Jersey has signed a double tax agreement with Hong Kong, as part of what officials there said is the islands continuing effort to develop business ties with the Far East.
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hmrc plans 30 tax evasion taskforces
HM Revenue & Customs said it plans to launch 30 new taskforces to crack down on tax dodgers, over the next two years.
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call for us to join world in residence taxation
The American Citizens Abroad, a Geneva-based group which represents the interests of expatriate US citizens, has called on the US government to join most of the rest of the world in taxing its citizens on the basis of where they live, rather than where they were born, or the nationality of their parents.
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fsa fines santander for structured product
Santander has been fined £1.5m by the FSA for failing to inform customers of its structured products’ status under the Financial Services Compensation Scheme (FSCS) in the period up to January 2010.
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E77000 returned to offshore boiler room victims
The UKs financial watchdog has obtained a court order against a firm that used offshore boiler rooms to sell its shares, in a move that will see at least 77,000 paid back to victims.
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fatca a burden lifted
Despite revisions to the proposed FATCA rules, significant work lies ahead for firms who want to comply, write Nick Matthews and Matt Haddow of Kinetic Partners.
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further arrest in fsa insider dealing probe
The UK Financial Services Authority has announced the latest arrest in a long-running and complex insider dealing investigation.
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efama calls for further refinement of fatca regs
The European Fund and Asset Management Association today called on the US to further refine the rules it is proposing for the implementation of FATCA, although it acknowledged that the most recent set of draft regulations aimed at cracking down on offshore tax evasion addressed “many” of its original concerns.
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hk regulator bans two for misconduct
Hong Kongs Securities and Futures Commission has taken action against two men for misconduct in relation to the trading of shares in Metallurgical Corporation of China.
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latest version of fatca rules clarify simplify
Kristin Konschnik, a partner in the London office of Withers, the international law firm, looks at the IRSs latest proposal for implementing FATCA.