Industry News

26 June 2017

The state of South Australia is to introduce a 4 per cent stamp duty surcharge on residential property purchases by foreign buyers and temporary residents.

26 June 2017

Regulations implementing the EU's Fourth Money Laundering Directive come into effect in the UK today. The directive is being implemented as the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

22 June 2017

The European Commission (EC) has proposed new rules requiring intermediaries who design and promote cross-border tax planning schemes to disclose them to their national tax authorities within five days of offering them to clients. The proposals – framed as an amendment to the existing Administration Cooperation Directive – cover all taxes, including inheritance taxes.

22 June 2017

Yesterday's Queen's Speech revealed that the Conservative minority government will introduce three further Finance Bills over the next two years, including a Summer Finance Bill to implement previously announced tax policies. The government has already announced that the current parliamentary session will last for two years instead of the customary one year, with no further Queen's Speeches until 2019. The parliamentary timetable in that period will be dominated by legislation to prepare for the UK's departure from the EU.

21 June 2017

La implementación de Suiza de las Normas Comunes en Materia de Presentación de Información (CRS) de la Organización para la Cooperación y el Desarrollo Económicos (OCDE) adoptada el 16 de junio de 2017 le permite a dicho país no aceptar el intercambio de información confidencial de clientes bancarios con ciertos países por motivos de seguridad.

20 June 2017

Switzerland's implementation of the OECD's Common Reporting Standard (CRS), adopted on June 16, 2017, allows it to refuse to exchange confidential bank client information with certain countries on safety grounds. The Swiss Bankers Association (SBA) successfully lobbied for the exemption, arguing that information could fall into the wrong hands if passed to countries "in regions such as South America or Africa where data protection standards can be weak".

19 June 2017

It is reported that the European Commission (EC) will, on 21 June 2017, publish its draft legislation forcing financial intermediaries to reveal cross-border tax planning schemes that they have 'facilitated'.

19 June 2017

An attempt by the former wife of Stuart Bray to have the assets of a charitable trust included in her financial remedy claim has been rejected by the England and Wales Court of Appeal. Li Quan married Bray in 2001, when both were already deeply committed to tiger conservation. The following year they set up a Mauritius trust, called the Chinese Tigers South Africa Trust, largely funded by Bray. They spent twelve years working together for the cause through this charity, with help from the Beijing government.

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