The number of individuals registered with HM Revenue & Customs as non-doms in the UK has fallen by 16% in the two years since a £30,000 annual levy, which permits these non-doms to keep their income free of UK tax obligations, was introduced, data obtained by the McGrigors law firm shows.
Guernsey and Malta have signed a double taxation agreement.
A worryingly high number of accountants have admitted they have a limited knowledge of the UK governments tax amnesty, the Liechtenstein Disclosure Facility, with some conceding they have no knowledge about it at all.
The founder and a former executive director of Styland Holdings, a Hong Kong financial services conglomerate, have been ordered to pay the firm a combined total of more than HK$85m, as compensation for entering into a number of transactions which were not in the companys interests.
The Monetary Authority of Singapore has reprimanded another advisory firm for repeatedly breaching its rules on the submission of Form 25.
A FATCA partnership with the US may not be as frightening as it may sound at first to those in Guernsey and similar other smaller jurisdictions, a KPMG Guernsey tax expert says, noting that, in terms of scope and commitment, it could be relatively similar to the EU Savings Tax Directive (EUSD).
Guernsey’s income tax authorities are looking at whether the island should join the UK, France, Germany, Italy and Spain by joining forces with the US to exchange information on individuals with accounts within its borders, a Guernsey newspaper reported yesterday.
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.
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.
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.
HM Revenue & Customs said it plans to launch 30 new taskforces to crack down on tax dodgers, over the next two years.
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.
