What is FATCA? FATCA refers to US legislation more fully known as the Foreign Account Tax Compliance Act and includes the US Treasury regulations implementing it. It was enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (otherwise known as the, “HIRE Act”) on 18 March… – Continue reading
The Royal Bank of Scotland has worked accounting magic by investing in the distribution of movies such as Harry Potter, Batman Begins and Troy. It put money into 25 companies to enjoy a billion pounds worth of tax breaks between 1998 and 2007, according to Bloomberg. The deals involved a… – Continue reading
Google’s top global tax executive told U.K. lawmakers that a new U.K. tax provision dubbed “the Google Tax” will not actually apply to the U.S. technology giant. The law, officially the Diverted Profits Tax, was introduced last year amid concerns that Google parent Alphabet Inc. and other global tech companies… – Continue reading
As part of what it describes as a ‘relentless’ effort to crack down on tax avoidance, HMRC has put out two publications highlighting problems with contractor loan schemes and misleading claims from scheme promoters, in a bid to deter taxpayers from any involvement In its Spotlight 29 document, HMRC says… – Continue reading
Cracking down on tax evasion could more than cover the cost of South West council cuts, campaigners claim, as they urge MPs to tackle financial loop holes. Local councillors argue that up to £380 million could be raised for Devon councils alone, if all businesses paid their “fair share” of… – Continue reading
The brands are known worldwide, and even though global companies like Google, Amazon, and Starbucks make billions — they pay little or no taxes at all in the UK and other markets where the firms make a majority of revenue and profits. Companies like Microsoft, Twitter, and Apple don’t set… – Continue reading
Revenue spike sees tech firm’s parent company, Alphabet, valued at $568bn – surpassing Apple’s valuation of $535bn Google has become the world’s most valuable listed company after announcing that its global revenues rose 13% to $75bn (£52bn) last year, and the group’s tax rate fell to just 17%. The group… – Continue reading
During last year’s Autumn Statement the Chancellor announced that SDLT rates would increase in relation to the purchase of additional residential properties. As with the 2014 Autumn Statement changes to SDLT rates for residential property, it was something of a surprise move. Transactions falling within the new ‘additional dwelling’ regime… – Continue reading
COMMUNIST trade union leader Ken Gill famously referred to taxation as “the price we pay for civilisation.” If so last week gave further evidence of just how uncivilised a country Britain has become after decades of neoliberalism. Google’s deal with HMRC has rightly prompted outrage and consternation at the sheer… – Continue reading
The European Commission proposed a set of new rules to curb tax avoidance by large companies. This follows Google’s £130m “sweetheart” tax deal with UK’s HM Revenue and Customs to allegedly avoid paying its fair share of corporate tax that spreads across ten years. Euronews reported that one of the… – Continue reading
European officials have been urged by the British government to remove Bermuda – a tax haven used by Google – from an official blacklist, according to reports. The behind-the-scenes lobbying by UK Treasury ministers involved a memo circulated among Tory MEPs in Brussels describing the sanctions against tax havens as… – Continue reading
The whistleblower who helped to reveal how Google was avoiding paying tax in the UK said that Britain needed to create better incentives to encourage more people to come forward and reveal how multinationals are avoiding paying tax to the exchequer. Like millions of others this weekend, Barney Jones is… – Continue reading
Finance Minister Bambang Brodjonegoro officially announced the aggregate tax revenue for 2015, amounting to Rp 1 quadrillion (US$72.46 billion). This record breaking number, however, was far below the target, by more than Rp 230 trillion. Still, the minister claimed the results were a decent achievement. This is true, especially because… – Continue reading
Could you be one of the lucky expats who qualifies for tax free living in the Seychelles? Or would you have to pay the Seychelles flat tax on personal income? At first glance it looks as though the Seychelles levies a flat rate of personal income tax, and at only… – Continue reading
Here’s a transaction that did the rounds some years ago. If I wanted some foreign exchange in the future I could enter into a contract with a bank by which it would sell me some. Assume that, in order to get a bank to promise to give me $2bn in… – Continue reading
Once the thrill of deciding to retire overseas has subsided, you normally start to think of all the things you need to do before you go. Picking the right removal firm, a lawyer to help you buy a new home are a couple, but the tax & financial implications of… – Continue reading
With the issue of tax evasion a political priority and firmly in the media spotlight, the Public Accounts Committee kick-started 2016 with an evidence session with top HMRC officials as part of its inquiry into: Tackling tax fraud: how HMRC responds to tax evasion, the hidden economy and criminal attacks…. – Continue reading
Two weeks remain to influence draft legislation which reduces the ability for individuals to convert income distributions from a company into capital gains by way of winding-up that company, an expert has warned.19 Jan 2016. Proposals amending the Transactions in Securities (TIS) rules were published by HMRC on 9 December… – Continue reading
HMRC is set to repay tax to around 2,000 banking and IT contractors who used an offshore scheme because of a flawed process around issuing payment notices. The tax office issued so-called accelerated payment notices to individuals who used Isle of Man-based schemes to limit their income tax during the… – Continue reading
Wherever you and your clients stand on the ethics of tax avoidance – and on offers of 70% commission – moral considerations are now being superseded by more practical concerns of the personal damage attempting to avoid tax can cause, writes Laura Miller… There are many reasons to avoid tax… – Continue reading
Wherever you and your clients stand on the ethics of tax avoidance – and on offers of 70% commission – moral considerations are now being superseded by more practical concerns of the personal damage attempting to avoid tax can cause, writes Laura Miller… There are many reasons to avoid tax… – Continue reading
Outgoing HM Revenue & Customs (HMRC) chief executive Lin Homer has said it is ‘unlikely’ to pursue further prosecutions against individuals involved in alleged tax evasion at HSBC’s Swiss private bank. HSBC was accused of helping wealthy clients to evade tax in February 2015, when the BBC’s Panorama programme reported… – Continue reading
Tough new measures targeting those who have not played by the tax rules have been criticised by a leading professional body concerned with taxation Anyone owing UK tax on their overseas income is set to face punitive penalties of at least 30pc of tax due, and potentially criminal prosecution, under… – Continue reading
