ima calls for clearer guidelines
The IMA has called the FSA’s guidelines on legacy commission post-RDR “unclear and incomplete” and warned they could result in increased costs for investors.
Tax & Regulation
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iom warns on irish nationwide website
The Isle of Mans Financial Supervision Commission has issued a warning regarding a website which claims to represent The Irish Nationwide Bank.
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taxpayers should not fear a gaar say experts
UK taxpayers taking measures to legitimately reduce their tax bill should not fear proposals to introduce a General Anti Avoidance Rule, say leading tax experts.
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tardy ifa reprimanded in singapore
The Singapore regulator has reprimanded Frontier Wealth Management for the repeated late submission of documents after the end of its financial year.
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irs reopens offshore tax amnesty scheme
The Internal Revenue Service said it has “reopened” its offshore voluntary disclosure programme (OVDP) in what it said was an effort “to help people hiding offshore accounts get current with their taxes”.
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dubai regulator warns on bank scam
The Dubai Financial Services Authority has issued a warning on false, misleading and deceptive statements made in relation to DIFC Investment Bank.
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french mini fatca fears
Tax experts who have been studying Frances new tax regime for wealthy individuals are likening its treatment of trusts to elements of Americas much-criticised FATCA regulations.
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court rules against dgt beneficiaries iht claim
The beneficiaries of a Royal Skandia discounted gift trust, which was sold by an IFA to a client one year and three months before her death, have lost a court battle over whether the money is eligible for inheritance tax.
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take care on tax charges warns trust adviser
IFAs could unintentionally expose their clients to punitive tax charges when setting up trusts, The Asset Protection Strategy, a UK-based training and support company, has warned.
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hmrc tweaks liechtenstein scheme
HM Revenue & Customs has fine-tuned its Liechtenstein tax amnesty disclosure scheme to make it easier to use, as the deadline for initiating a claim approaches.
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jersey iom zero 10 regimes approved
The European Council of Finance Ministers today has given the nod to the recently-revised zero-10 tax regimes of Jersey and the Isle of Man, after originally postponing the vote until January.
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fsa fines former ubs adviser 150000
The UK Financial Services Authority has banned and fined a former client adviser at UBS £150,000 for breaching Principle 1 of its code of conduct and failing to act with integrity.