Managers of Wealth Offshore

‘Way could be found to tax businesses more’

The tax review already assumes that changes to these international corporate tax rules would mean an additional £10m. is raised

Tax Treaties and Exempt Income

A person is considered to have substantially complied with the visa requirements if they have not engaged in activities that are prohibited by U.S. immigration laws

Number of wealthy taxpayers admitting unpaid tax on offshore income to HMRC jumps 35% to 4,443 in a year

HMRC has sent out letters in the last 12 months asking taxpayers to sign a declaration asserting they do not owe any tax from offshore sources.

Renegotiations of double tax agreements take time

Our current international reputation does not help.

HMRC names avoidance scheme promoters for first time

HMRC uses new legal powers to name tax avoidance schemes and their promoters, for the first time.

Tax court rules on treatment of dividends paid to Luxembourg investment fund

In this respect, the Italian tax law has been recently amended to provide for a withholding tax exemption for dividends paid to certain EU and European Economic Area (EEA) investment funds as from 1 January 2021.

Jersey to introduce taxation for enveloped property transactions

Late payments incur a surcharge of 10%.

Double taxation relief for Indian IT companies operating in Australia

Both the trade deal and changes to domestic Australian tax laws will come into effect once the Australian Parliament ratifies the deal after the general elections due in May are completed in Australia

Ludlow Trust announces move into tax and advisory services, merges with the Charter Tax and Saffron Tax businesses

Saffron Tax Partners and Charter Tax, both long established and successful businesses

An overview of tax considerations for non-UK residents purchasing UK residential property

The purchase, ownership and sale of UK residential property by non-UK residents can result in complex UK tax considerations, which we explore in this article

New functionality available for FATCA reporting in BVIFARs portal

In a previous notice issued on 21 February 2022, the ITA provided detailed guidance on completing filings in these circumstances.

10 measures to expose sanctioned Russian oligarchs’ hidden assets

The Tax Justice Network has in response published a briefing detailing 10 transparency measures that the task forces can take to cut through financial secrecy

Tax haven firms double the number of Scottish properties they own

Companies based in major overseas tax havens have more than doubled the number of land and property titles they own in Scotland in just four years.

Biden proposes new minimum tax on billionaires, unrealized gains

Biden's billionaire tax would reduce deficit by $360B over next 10 years

UK ranks fifth in Europe for tax lost to offshore wealth

This also means that the UK ranks top when it comes to the estimated tax revenue lost as a result of offshore wealth, totalling £19.2bn.

Cyprus: Period for which tax incentive available for investment in innovative SMEs extended

The aim of the incentive is to boost entrepreneurship, support start-ups in developing innovative products and services, and strengthen the Cypriot entrepreneurial ecosystem.

Offshore Trustees Briefing Note Year-end housekeeping for 5 April 2022

We have outlined below matters that offshore trustees and directors of underlying companies

Imf: New, Increased Taxes A Must For 25% Revenue Target

The authorities have invested considerable resources in strengthening tax administration with a goal of increasing the revenue-to-GDP ratio to 25 percent.

Better Report Your Offshore Assets

The CRA's multi-pronged pursuit has left tax evaders fewer places to hide. If you have unreported investments, now may be a good time to disclose them.

Wealth firm fined £150k for failing to supply info to HMRC

HMRC counter avoidance director Mary Aiston said: “We are committed to ensuring everyone pays the tax they legally owe. We will not allow companies to simply ignore their legal duty.