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A law firm is not required to hand over details of clients they had advised on setting up offshore companies and trusts to HM Revenue and Customs (HMRC), the first-tier tribunal (FTT) has ruled. 16 Nov 2018
ANALYSIS: For individuals the 2018 UK Budget was used to ensure compliance and reduce tax avoidance. In particular, taxation of property income has been tinkered with yet again, and a few capital gains tax exemptions tightened. 02 Nov 2018
A family investment company (FIC) can be an attractive alternative to a trust as a vehicle to preserve family wealth and mitigate taxes. A FIC typically has lower running costs than a trust and enables those who establish it to retain a degree of control....
UK taxpayers who have underpaid income tax, capital gains tax or inheritance tax involving offshore matters must correct past non-compliance before 30 September 2018 or face penalties which could be as much as two or three times the unpaid tax. There is also...
A person or company can penalised if they 'enable' offshore UK tax evasion or non-compliance by others. Policies and procedures designed to prevent companies from committing the corporate criminal offences of failing to prevent the facilitation of tax evasion...
This guide was updated in December2017
The Common Reporting Standard (CRS) is a way for countries to automatically exchange information about non-residents holding bank accounts and other financial accounts offshore. By September 2018 over 100 jurisdictions should be making annual exchanges...
The Contractual Disclosure Facility (CDF) is part of a drive in recent years by HM Revenue & Customs (HMRC) to 'crack down' on tax evaders and "close the tax gap". The CDF is the newest incarnation of Code of Practice 9 – a process which is used...
Financial institutions need to ask additional questions to prevent residence and citizenship by investment schemes being used as tools to hide assets from the tax authorities, the Organisation for Economic Cooperation and Development (OECD) has said. 19 Oct 2018
Speed read: In the last year a number of new measures have come into force or been announced in the UK to tackle offshore tax avoidance and evasion. The Common Reporting Standard (CRS) means tax authorities will get annual information about accounts held offshore... 04 Oct 2018
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