HM Revenue and Customs (HMRC) has intensified its clampdown on suspected tax avoidance amongst High Net Worth Individuals (HNWIs) through its ‘Rising Stars’ unit, international law firm Pinsent Masons said. The ‘Rising Stars’ team was created in 2012 to investigate the tax affairs of individuals with rapidly rising incomes and… – Continue reading
The Supreme Court of Canada has dismissed Conrad Black’s bid to have his multi-million-dollar battle with the Canada Revenue Agency over back taxes heard by the country’s highest court. The Supreme Court of Canada has dismissed Conrad Black’s bid to have his multi-million-dollar battle with the Canada Revenue Agency over… – Continue reading
Deferring income helped the billionaire hedge fund manager build his fortune George Soros likes to say the rich should pay more taxes. A substantial part of his wealth, though, comes from delaying them. While building a record as one of the world’s greatest investors, the 84-year-old billionaire used a loophole… – Continue reading
HMRC has increased its scrutiny of potential tax avoidance among high-net-worth individuals following the launch of a specialist team, says law firm Pinsent Masons. The ‘Rising Stars’ team in HMRC, which focuses on high-net-worth individuals with growing assets, increased the number of investigations it carried out and the amount recouped… – Continue reading
The tax affairs of individuals with a rapidly rising wealth are to come under more intense scrutiny by HM Revenue & Customs (HMRC). International law firm, Pinsent Masons, said the UK’s tax office has intensified its clampdown on suspected tax avoidance among newly successful entrepreneurs, professionals and celebrities, monitoring them… – Continue reading
The U.S. Securities and Exchange Commission and the IRS are opposing bankrupt billionaire Samuel Wyly’s motion to sell his Woody Creek ranch because they believe he would hide sales proceeds in offshore accounts, according to court filings made earlier this month. Wyly, who filed for Chapter 11 bankruptcy Oct. 19… – Continue reading
Regular Pitch readers know that key elements of the ongoing criminal tax case against Mission Hills businesswoman Cheryl Womack rest on how the government obtained evidence against her. Womack remains under an indictment issued by a federal grand jury in 2013 that accuses the self-made millionaire of misleading government investigators… – Continue reading
The Internal Revenue Service (IRS) is seeking to recoup $2.03 billion from Texas businessman Samuel Wyly and $1.19 billion from his brother’s estate. The massive bill owed by Sam Wyly and the estate of Charles Wyly is believed to be the biggest in history. Brothers used trusts to avoid taxes… – Continue reading
Bankrupt ex-billionaire Samuel Wyly was accused by regulators of hiding the ownership of a luxury Colorado ranch in a possible bid to avoid paying creditors as much as $50 million in future sale proceeds. Wyly’s proposed plan to sell the 244-acre property — the site of several mansions used by… – Continue reading
At least 21 financial advisers in Switzerland charged with aiding American tax dodgers are at large With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland’s largest private banks, are an unlikely place to find an alleged fugitive from… – Continue reading
As foreign portfolio investors balk at India’s claim of $6.4 billion in back taxes, the finance ministry’s latest demand isn’t damping interest in the nation’s stocks and bonds. Foreigners were net buyers of local equities every day barring one since the finance ministry said April 6 it is well within… – Continue reading
DALLAS (AP) — The IRS wants $3.2 billion to cover back taxes that it says are owed by a prominent Texas businessman and his late brother who the IRS says hid income by setting up overseas trust funds. The Internal Revenue Service detailed its claim in documents filed Wednesday in… – Continue reading
New Delhi, April 15 (IANS): The Supreme Court on Wednesday said that while the tax authorities could move under the law to raise tax claims against Vodafone, in another case involving the de-merger of its towers business, the assets transfer, as such, cannot be blocked. The apex court bench of… – Continue reading
Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading
Celebrities share the same reluctance to pay taxes as the rest of us. Wednesday is April 15. On this special day, we perform our patriotic duty and give the IRS whatever earnings they have coming to them that they didn’t already take directly out of our paychecks. Chances are, you’d… – Continue reading
Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading
The 73 year old was found guilty after it was discovered that she had been hiding millions in an offshore HSBC account. Arlette Ricci, the heir to the Nina Ricci perfume and fashion fortune has been convicted of tax fraud by a Paris court. The 73 year old was found… – Continue reading
Who Will Be Next? How To Respond To A Tax Investigation The international political community continues to make the most threatening noises about those who they believe do not pay enough tax. Long gone it seems are the days where it was accepted that a person could properly organise his… – Continue reading
The diverted profits tax means multinational companies will finally pay their way in Britain Britain is just over a month away from a monumental decision. Do we stick to the economic plan that has turned Britain around, or head into chaos with Labour? I’ve picked my side. I chose the… – Continue reading
Former UBS AG executive Hansruedi Schumacher pleaded guilty to conspiracy to defraud the U.S. as part of the government’s prosecution of financial industry officials who help Americans dodge taxes. Schumacher, 56, entered his plea Thursday in federal court in West Palm Beach, Florida. Schumacher, who also worked at Neue Zuercher… – Continue reading
The tax man is coming for Guy Wildenstein, and may file charges against a wealth management company in the Bahamas in connection to the case against the billionaire art dealer. As reported by the Globe and Mail, the French agency that investigates tax evasion has recommended that a judge charge… – Continue reading
Royal Bank of Canada’s wealth-management subsidiary in the Bahamas is caught up in tax fraud and money-laundering allegations involving billionaire international art dealer Guy Wildenstein. French prosecutor Franck Charon confirmed on Monday that France’s tax-evasion watchdog – Parquet national financer – has recommended to an investigating judge that RBC Trust… – Continue reading
After 2008, BSI has more than 3,000 US accounts on its books The Lugano-based BSI bank has been fined $211 million (CHF203 million) by the United States for aiding and abetting tax cheats. It is the first Swiss-based bank to complete the non-prosecution programme set up in 2013 to clear… – Continue reading
Appleby’s Gavin Ferguson examines how Guernsey has evolved to provide clients from all over the globe with innovative advice. The mandates that cross the desk of a Guernsey private client lawyer have changed considerably in the past decade, as the jurisdiction and its fiduciary offering have evolved and adapted, whilst… – Continue reading
Who Will Be Next? How To Respond To A Tax Investigation The international political community continues to make the most threatening noises about those who they believe do not pay enough tax. Long gone it seems are the days where it was accepted that a person could properly organise his… – Continue reading
The British Virgin Islands (BVI), as one of the world’s leading finance centres and meeting the changing needs of international businesses and high net worth individuals (HNWIs), has managed to create a stable, well-regulated and neutral jurisdiction that makes a significant contribution to the liquidity of the global economy. The… – Continue reading
PARIS: The heir to the Nina Ricci perfume fortune went on trial for hiding €18.7 million (£13.9 million) from French authorities in what is seen as a test case concerning the HSBC tax avoidance scandal. Arlette Ricci, 74, is among the first of around 50 wealthy French nationals to face… – Continue reading
The issue of whether Israeli banks should take the Swiss approach and refuse to disclose customer identities may be a moot point, in light of a new international anti-tax-evasion treaty that is taking shape. There is a direct line connecting the disclosure of the identities of 6,200 Israelis with Swiss… – Continue reading
The spotlight is firmly on tax reduction among large global firms operating in the UK – but is the practice putting smaller domestic companies on the back foot? The HSBC tax scandal, wilfully fuelled by politicians looking to appear tough on what they call immoral tax practices, has put the… – Continue reading
Australian retail billionaire Gerry Harvey slammed the country’s powerful business lobby groups for pushing the interests of profit-shifting multinational corporations ahead of Australian companies. Harvey said companies that pay their fair share in taxes have no voice in government. The billionaire retailer spoke after it was publicly revealed that Apple… – Continue reading
On January 14, federal prosecutors told attorneys representing Mission Hills businesswoman Cheryl Womack that she had until the end of the day to take their plea offer or leave it. It had been a couple of months since Womack seemed ready to accept some kind of fate offered up by… – Continue reading
He was known to authorities as Brazil’s black-market central banker, a career criminal who smuggled cash for the rich and powerful by private jet and armored car. Now Alberto Youssef — a rum-runner turned money-launderer turned reputed billionaire — has emerged as a principal player in the biggest corruption scandal… – Continue reading
FORMER Tanaiste Michael McDowell has described as “nonsense” suggestions that Ansbacher inquiry judge Declan Costello was compromised by holding an account with the bank involved in the tax evasion scandal. Mr Costello’s family issued a statement defending the now deceased judge after it was alleged he was conflicted in overseeing… – Continue reading
MUNICH (AP) – Former Bayern Munich president Uli Hoeness has been granted day parole seven months after going to prison for tax evasion. Bavaria’s state justice ministry says Hoeness is allowed to leave prison during the day to work as of Friday, though he’ll have to return in the evening… – Continue reading
MotoGP champion Marc Marquez hit hard by criticism of a planned move to Andorra, will continue to pay tax in Spain. MotoGP champion Marc Marquez gave an emotional response to the criticism he has received within Spain over a reported move to Andorra. Speaking during Friday’s preview for the Superprestigio… – Continue reading
Corruption Scandals In May, the legal committee of Parliament’s lower house approved a proposal to expand Swiss banks’ scrutiny of accounts and transfers to include international sporting organizations. The legislation comes in the wake of a series of corruption scandals that have tarnished the image of FIFA. Last year senior… – Continue reading
TWICE-WORLD champion in MotoGP Marc Márquez is reported to have moved to Andorra to reduce his taxes. The 21-year-old, who scooped up the top title in his rookie year, 2013, and repeated the performance the following season, is said to be earning around 10 million euros a year – but… – Continue reading
Hutchison Whampoa had profit of €429.6m but paid just €65,067 tax in Luxembourg A Luxembourg company that provides indirect financial support to 3 Ireland, is among the latest batch of entities found to be availing of secret tax deals in Luxembourg. Hutchison Whampoa Europe Investments Sarl (HWEI) – part of… – Continue reading
LUXEMBOURG — Palm Beach billionaire David Koch and his equally-loaded brother Charles got the government of Luxembourg to sign a secret, custom-made deal that allowed their companies to save hundreds of millions of dollars that otherwise would have been taxed in the United States. On its website this morning, the… – Continue reading
A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading
The lesson from the ongoing trial of former UBS wealth management chief executive Raoul Weil really shouldn’t be a surprise, but we’ll say it anyway: Do not fail to declare income from offshore investments to avoid taxes. Unless, that is, you and your clients would prefer a really close relationship… – Continue reading
Labour Jon Ashworth calls for explanation over why Tories’ ‘big-money backers’ benefit from autumn statement George Osborne has been accused of using his autumn statement to give tax breaks to Tory supporters as it emerged that several companies run by Conservative donors stand to benefit from a more generous tax… – Continue reading
The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
RETAIL billionaire Solomon Lew is threatening to ship Australian online orders from New Zealand to sidestep the GST in light of the Federal Government’s failure to axe the tax-free threshold for overseas purchases. The Premier Investments chairman has also slammed Australia Post for setting up a US mail forwarding service… – Continue reading
A Swiss banker accused of helping American clients cheat on their taxes is a fugitive who must show up in a New York courtroom if he wants bail, U.S. prosecutors argued in a legal filing. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and… – Continue reading
Samuel Wyly and the estate of his brother Charles will soon find out if they have to pay the U.S. regulators as much as $700 million after a jury found them liable for a 13-year scheme to use a web of offshore trusts to hide stock holdings and make illegal… – Continue reading
A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
Tax Authority considering criminal charges against bank on suspicion of assisting Israeli clients evade taxes. It has been disclosed that Roni Elias is the high-ranking Israeli at the Swiss-based bank UBS who was arrested this summer on a visit to Israel on suspicion of helping Israeli clients evade taxes. The… – Continue reading
Sol Campbell owns £25m house in London and Northumberland mansion He appeared on BBC2’s Daily Politics to explain mansion tax was unfair Ex-England footballer said proposed levy was a ‘tax on aspiration’ He said Labour should instead pursue companies who had avoided tax But MP Owen Smith said people had… – Continue reading
ZURICH (Reuters) – Many of Switzerland’s foreign millionaires will be watching nervously on Sunday as voters decide whether or not to scrap one of the country’s biggest tax perks for expatriates. Switzerland’s system of charging foreign residents with no gainful activity in the country a lump sum based on their… – Continue reading
