The prime minister has hailed an agreement by the UK’s Overseas Territories and Crown dependencies to sign up to a tax evasion clampdown. David Cameron said it was a “very positive step forward” ahead of the G8 meeting, which starts on Monday. But sources from the Crown Dependencies told the BBC a proposed register of […]

Minor amendments will be required of Gibraltar’s Income Tax legislation to bring it in line with international best standards as assessed by the European Union’s Code of Conduct Group of Business Taxation, Gibraltar’s Chief Minister Fabian Picardo has said, reports Tax News. Speaking to reporters in Brussels, Picardo was quoted by the Gibraltar Chronicle as […]

ILAG members should note a significant development in French trust tax law. The new Loi de Finances Rectificative pour 2011 contains measures that oblige trusts and their trustees to report on the trust‟s French assets, their French beneficiaries, and/or French settlors. Like FATCA, the new law seeks to involve trusts which have French settlors and/or […]

it has been a busy few weeks for those following the implementation of the US FATCA regime – the new rules by which the US tax authority is seeking to prevent US taxpayers from avoiding their US tax obligations by moving money abroad. As we reported last year, “financial institutions”, including private equity and venture […]

HMRC uploads tax cheat rogues gallery 07 Jan 2013 Her Majesty’s Revenue and Customs (HMRC) is publishing the photographs of more than 30 of last year’s biggest tax cheats as part of a tax evasion campaign. The photographs have been published on popular photo sharing website Flickr. HMRC said the individuals had been sentenced to […]

JERSEY, HSBC & HMRC Investigation – HSBC investigation: Drug dealers, gun runners and Britain’s biggest bank – Britain’s biggest bank is at the centre of a major HM Revenue and Customs investigation after it opened offshore accounts in Jersey for serious criminals living in this country, The Telegraph can disclose. The disclosures raise serious questions […]

10 FATCA Facts All FFIs Must Know – The US Government’s Foreign Account Tax Compliance Act (FATCA) will take effect from 30th June 2013. FATCA requires non-US financial institutions, or as FATCA charmingly calls them “foreign financial institutions” (FFIs), and other financial intermediaries to help prevent tax evasion by US citizens. These FFIs include banks, […]

US Delays Key Start Dates For Controversial FATCA Act 26 Oct 2012 The US tax authorities have delayed key dates in the staggered implementation of the Foreign Account Tax Compliance Act, according to Reuters. Institutions will now have until January 1, 2017 – an additional two years – to begin withholding US tax from clients’ […]