20 EU states dragging their feet on beneficial owner lists
One year after the deadline, most European Union member states have failed to implement Brussel’s 4th Anti-Money Laundering directive.
Tax & Technical
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Rich using life insurance to protect against inheritance tax
Life insurance can play a vital role helping wealthy international UK residential property owners protect themselves against future inheritance tax (IHT) bills, according to lawyers Howard Kennedy.
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Work expense claim errors blamed for A$8.7bn blackhole
Incorrectly claimed work expenses have been blamed for a multi-billion dollar black hole at the Australian Tax Office.
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Global uncertainty outweighs Brexit for wealthy
A 46% increase in investor visas last year strongly suggests that Brexit has not put the wealthy off moving to the UK.
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Delaware gives ‘critical’ backing to ailing US beneficial owners list
The United States’ most nebulous jurisdiction has backed a bid in Congress to create a beneficial ownership register.
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No longer in doubt, UK adviser directory gets go ahead
After concerns that client-facing advisers would be excluded from a financial services directory, the Financial Conduct Authority has confirmed that these roles will be included.
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Art dynasty heir cleared of tax evasion – twice
One of the biggest tax fraud trials in France’s history, involving world-renowned art dealer Guy Wildenstein who was facing a €250m (£221m, $290m) fine, has ended with all parties being acquitted.
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International fight against tax fraud steps up a gear
The UK, Canada, the Netherlands, the United States and Australia have launched an international tax and anti-money laundering team.
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Advisers join asset manager KID reform push
International advisers have joined European fund managers in a call to reform key information documents for packaged retail and insurance-based investment products – six months into implementation.
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Spanish tax inquiries triggered by common reporting standard
It is only “a matter of time” before an innocent international client is accidentally snared by the Common Reporting Standard (CRS), according to a European tax adviser with clients who have received tax investigation notifications.
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Love Island landlords face tough new rules
Landlords looking to profit from fans re-enacting scenes from ITV2’s Love Island this summer face having their wings clipped after the authorities in Mallorca banned flat rentals to tourists in its capital.
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Wealthy women take the lead on financial planning
Women are increasingly the household decision-makers in financial affairs, according to a global survey.