Industry News

20 February 2017

A London law firm acting for the trustee of a Bahamian trust has been ordered to comply with a beneficiary's subject access request for information under the UK Data Protection Act 1998.

16 February 2017

HM Revenue & Customs (HMRC) has issued new guidance to employers who are paying staff or contractors with private annuities in order to avoid income tax and national insurance contributions (NICs). The annuity schemes amount to a form of disguised remuneration. The contractor is paid in two parts, one of which is a small salary below the tax and NICs threshold. The other part is a capital payment for a deferred annuity, which the scheme promoters claim is thereby non-taxable.

16 February 2017

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill, which introduces trust reform measures, was passed by the New Zealand parliament on 14 February 2017 and now awaits royal assent.

14 February 2017

Reuters informa que ciertos bancos internacionales con sede en países latinoamericanos, han escrito a algunos de sus clientes solicitando que demuestren que han declarado correctamente sus activos.

14 February 2017

Reuters reports that some international banks based in Latin American countries have written to clients requesting that they prove that they are tax compliant.

13 February 2017

The UK Supreme Court has held that a transfer of USD318 million in shares by their registered legal owner was not voided by s127 of the Insolvency Act 1986, even though he transferred them after their beneficial owner went into liquidation. The registered owner was a Saudi citizen, Mr Al-Sanea. However he held the shares not for his own benefit but on trust for a Cayman Islands company, Saad Investments Co Ltd (SICL). This arrangement had apparently been made in order to comply with legal requirements in Saudi Arabia.

13 February 2017

A retired business professor from New York who pleaded guilty on 4 November 2016 to 'conspiring with others to defraud the United States and to submitting a false expatriation statement to the Internal Revenue Service (IRS)' has received a seven-month prison sentence. Dan Horsky pleaded guilty to not disclosing a Swiss account holding USD200 million to US tax authorities.

9 February 2017

It has emerged that UK's Secretary of State for Foreign Affairs, Boris Johnson, gave up his US citizenship in 2016. Johnson was born in New York but has not lived in the US since childhood. In 2015, when he was Mayor of London, he was forced to pay US capital gains tax on the disposal of his London home, under the US' worldwide taxation system. The amount was reported at the time to be about GBP100,000 (USD125,000) in tax, penalties and interest.

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