US FATCA deals with Russia and Luxembourg make progress 24/05/2013
Russia will join the U.S.’ Foreign Account Tax Compliance Act (FATCA) whilst Luxembourg picks the Model 1 IGA
Swiss introduce consultation to freeze dictators' assets 24/05/2013
The Swiss Federal Council has opened a consultation on a draft act aimed at freezing the assets of “politically exposed persons obtained by unlawful means”.
European Council vows to tackle tax evasion 24/05/2013
Fighting tax evasion and tax fraud was one of the two main themes at a European Council meeting held in Brussels on 22 May 2013.
Increase in foreign nationals applying for 'Tier 1 investor visa' leads to growth of niche market 24/05/2013
According to the UK Home Office, around 470 foreign nationals made a successful application to enter the UK on a ‘Tier 1 investor visa’ in 2012 – and the trend shows no sign of abating. As a condition of entry, applicants must deposit a minimum sum of £1 million, to be invested in Gilts, UK Bonds or UK Equities, and this has created an opportunity for a number of wealth management firms.
Once More Unto the Breach: Case Report on Pitt v HMRC and Futter v HMRC 24/05/2013
This month the Supreme Court handed down its decision in the cases of Pitt v HMRC; and Futter v HMRC. The Supreme Court dismissed both appeals insofar as they related to the rule in Hastings Bass, but allowed one appeal on the grounds of mistake.
IoM Chief Minister backs Cameron over tax 22/05/2013
The Isle of Man's Chief Minister, Allan Bell MHK, has welcomed a letter from David Cameron calling on all Britain’s Crown Dependencies and Overseas Territories to continue working with the United Kingdom on tax transparency.
Speechly Bircham issues guidance as 31 May Swiss/UK tax deadline looms 21/05/2013
n the summer of 2011, the UK and Swiss tax authorities entered into an agreement aimed at regularising undeclared Swiss bank accounts owned by UK resident individuals. International law firm Speechly Bircham has warned that 31 May is a key deadline for the Agreement, by which date affected individuals must have decided how they would like their Swiss account to be treated under the Agreement or provided evidence to their bank that the Agreement does not apply to them, or otherwise they will face a potentially disadvantageous default option of a lump sum being withheld from the account to satisfy historic UK tax liabilities.
A second bite of the cherry? 20/05/2013
Emily Brand and Anna-Laura Lock at law firm Winckworth Sherwood look at the time limitations on revisiting a divorce and whether a change in an ex-husband's financial circumstances leaves the door open for further claims.
Recent judgement threatens significant charitable tax relief 20/05/2013
A High Court decision significantly altering local authorities ability to levy ratings on charities sets a dangerous precedent according to Moira Protani at law firm Wilsons.
Lawsuits by house buyers sold interest only loans to rise, litigation specialist warns 18/05/2013
House buyers encouraged to take out interest-only loans could launch a class-action lawsuit against the banks, building societies and financial advisers who encouraged them, a litigation and consumer protection specialist at London law firm Harbottle & Lewis has warned.