Gibraltar QROPS operators could see their responsibilities as a trustee extend to include the due diligence of overseas financial advisers and the risk classification of policyholders in their schemes, under proposals from the jurisdiction’s regulators.
Partial surrenders of life assurance and similar policies create huge tax traps, which means advice on exit is just as important as it was at inception.
A sharp fall in the average length of custodial sentences given to criminal tax evaders is a clear signal that HM Revenue & Customs is increasingly targeting smaller cases, according to research by Pinsent Masons.
The UK tax office said it plans to take firm action against the users and promoters of a tax avoidance scheme run by high profile recruitment company, Anderson Group.
The number of New Zealand-based pension schemes on the latest HMRC approved list, released on 19 May, has dropped to 34 from 57, with KiwiSaver schemes notably absent from the remainder.
People with non-domiciled tax status living in the UK who wish to preserve the anonymity of their offshore finances must notify HMRC by 30 May, warns international law firm Pinsent Masons.
Changing legislation and rising charges will mean that non-doms cannot rest on their laurels following the election of a majority Conservative government in the UK general election last week, warns law firm Stephenson Harwood.
HM Revenue & Customs’ increasing scrutiny of internationally-mobile high net worth individuals is likely to continue under the new Conservative government, say law firm RPC.
HM Revenue & Customs will publish a new list of reference numbers for tax avoidance schemes which may be subject to accelerated payment notices.
The tax affairs of individuals with rapidly rising wealth are to come under more intense scrutiny by HM Revenue & Customs.
International advice firm deVere has announced plans to “aggressively develop” in the UK and capitalise on the area’s improving economy and pension changes.
HM Revenue & Customs contacted foreign governments on 490 separate occasions in one year as it sought information on suspected tax evasion, a drop of 150 information requests compared to the previous year.
