The island of Guernsey is the second largest of the Channel Islands, which are situated in the English Channel close to the French coast of Normandy. ... - Continue reading
The Isle of Man has been removed from the EU’s grey list of non-cooperative tax jurisdictions, along with the other Crown Dependencies, Jersey and Guernsey, after the three worked together with the EU to develop proposals to address the concerns raised. Chief Minister Howard Quayle tweeted he was “delighted” with… – Continue reading
With the exception of British Antarctica, the U.K.’s overseas territories and offshore dependencies are all surrounded by sun-winking ocean water. But that’s not their only common feature—they are all under increasing political pressure to become more transparent with their financial information. In a parliamentary report on tackling overseas corruption, the… – Continue reading
Expats who have money or assets outside Britain can expect to start receiving letters from the UK tax man soon. Hundreds of thousands of letters are being drafted for expats who have returned to the country after spells abroad and for expats considered UK taxpayers who have had overseas assignments…. – Continue reading
Unctad thinktank shows firms funnelled $221bn in 2015 through low-tax jurisdictions such as the Netherlands and tax havens in the Caribbean The UN has urged governments to stem the flow of funds to tax havens after companies funnelled $221bn (£152bn) into countries with low tax rates last year. The Netherlands… – Continue reading
As with any offshore financial centre, secrecy has been synonymous with the Channel Islands of Jersey. But the reason for the strong relations between the self-governing British dependency and the United Arab Emirates – still not known to many – is not confidentiality alone. It has not been so long… – Continue reading
COMPANIES profiting from schools and hospitals built under private finance initiatives in Scotland are based in tax havens such as Jersey and Guernsey. An analysis carried out by the Sunday Herald has revealed numerous examples of PFI projects in Scotland which have owners based offshore. The owners include an offshoot… – Continue reading
Panama is a tax haven, but Mauritius is one with which India has a comprehensive double tax treaty. This complicates matters more. In popular Indian imagination, a tax haven is generally associated with Switzerland and its numbered bank accounts. But tax havens are numerous, have grown in importance, and are… – Continue reading
In their latest attempt to try to stamp out tax avoidance by multinationals in the European Union, lawmakers are set to question Apple, Google, IKEA and McDonald’s over their tax affairs as EU member states fail to agree a common tax policy. Lawmakers in the EU have struggled to prevent… – Continue reading
Journalist Steve Topple investigates Bermuda-based big business tax avoidance and its links with UK political parties – and even some charities LAST WEEK saw the news emerge that everyone’s favourite search engine, Google, only had to pay £97m in back-tax (not the “major success” of £130m as was first reported)… – Continue reading
The Isle of Man has refused London’s call to reveal the ownership of thousands of offshore companies, joining other UK Overseas Territories in resisting David Cameron’s transparency push. The Isle of Man told the Financial Times it is a “red line” issue, joining jurisdictions including Bermuda and the Channel Islands… – Continue reading
Offshore Financial Centres (OFCs) are jurisdictions, usually self-governing, which because of their low tax regimes, have specialized in providing commercial services to corporations and individuals, whether or not they are normally resident in that jurisdiction. The better-known offshore financial centres are small and sparsely populated countries or islands, and are… – Continue reading
Last year Jersey cemented its position as a leading centre for companies looking to list – as reflected in the rise in volume and value of Jersey companies listed on exchanges around the world. Here are some challenges that lie ahead in this jurisdiction over the next 12 months. In… – Continue reading
Ogier partner Marcus Leese has welcomed news from Italy that Guernsey and Jersey are no longer on any Italian ‘black lists’ and will be included on Italy’s ‘white lists’ from early 2016, reports Isle News. Among other benefits, it is anticipated that this will enable Italian resident investors to invest… – Continue reading
There are a variety of benefits to moving offshore, yet few would argue the assertion that tax neutrality is paramount among them. As anyone familiar with the phrase “tax haven” would surely recognize, many countries offer strongly favorable tax terms as an incentive to draw new business. Written by CT… – Continue reading
Mondelez was able to pay no UK corporation tax as a result of a Channel Islands-based bond, despite Cadbury making £96.5m profit in 2014 Mondelez, which owns Cadbury, is facing controversy over its tax arrangements after it was reported that it had not paid UK corporation tax last year. An… – Continue reading
Amid all the diplomatic comings and goings on Syria and how to tackle Islamic State, an important but little-noticed high-level gathering has been taking place in London. The Overseas Territories were holding the fourth meeting of their Joint Ministerial Council at Lancaster House. Leaders from Anguilla, Bermuda, British Virgin Islands,… – Continue reading
The Channel Islands (Jersey and Guernsey) have long been known as leading offshore centres for the establishment of investment funds and other investment structures. In particular, Channel Island vehicles are often used for alternative investment structuring – including private equity, infrastructure and real estate. This article explains the trends in… – Continue reading
Final regulations implementing the common reporting standard (CRS) have been published in the Isle of Man. In addition, it has been announced that the existing intergovernmental agreement (IGA) between the Isle of Man and the UK will be superseded by CRS, and that 2016 will be a transitional year. Read… – Continue reading
Draft regulations in Guernsey for implementing the common reporting standard (CRS) for the automatic exchange of information are expected to be published in final form in early 2016. Guernsey has indicated its commitment for adopting the CRS, with effect from 1 January 2016, so that the first reporting would take… – Continue reading
The UK is one of several countries to introduce voluntary disclosure schemes. More people are coming forward to regularise their affairs as they realise there is nowhere left to hide in this new world of tax transparency. Tax authorities and financial institutions are gearing up for the new automatic exchange… – Continue reading
A blacklist of tax havens by the U.S District of Columbia, which featured the Channel Islands, has been repealed. The Bailiwicks were listed as part of a plan to highlight international jurisdictions the U.S. considers to be used by people trying to avoid paying tax. The Chief Minister was opposed… – Continue reading
The UK has been rated “more of a tax haven” than the Channel Islands, in a financial transparency report. The biennial study by campaign group Tax Justice Network (TJN) ranked the UK above the islands. TJN director, John Christensen, said the islands had “made significant improvements” by signing up to… – Continue reading
Government action against tax avoidance has made the headlines on numerous occasions over the past few years, with significant developments in litigation, legislation and early tax collection, via a combination of follower notices and accelerated payment notices. Add to this the expansion of the disclosure of tax avoidance schemes, hallmarks… – Continue reading
Pending draft regulatory measures in Jersey would give effect to the Common Reporting Standard (CRS). In general, the draft regulations would impose an obligation on “reporting financial institutions” in Jersey to identify, review, and report on “financial accounts” maintained by these institutions of accounts held by residents for tax purposes… – Continue reading
The Canada Revenue Agency (CRA) rents office space from a Vancouver-based property developer – a company that exploits offshore tax havens in Liechtenstein, the British Virgin Islands and Channel Islands. Larco Investments Ltd. owns three buildings in Montreal, Calgary and Edmonton where they rent office space to the CRA. Larco… – Continue reading
Swiss fund manager will use new Irish Icav structure to move product from the Caribbean domicile UBS has shifted a fund of hedge funds onshore to Ireland from the Cayman Islands, delivering another blow to the reputation of the Caribbean tax haven as the domicile of choice for international hedge… – Continue reading
The location of a holding company is a significant consideration in any international corporate structure. Choice of jurisdiction for a group holding company (‘Holdco’) is relevant both from the point of view of tax optimisation (maximising withholding tax free dividend, interest and royalty flow up through the group and minimising… – Continue reading
Oct. 6 (BusinessDesk) – Fonterra Cooperative Group is likely to be among some 20 New Zealand companies left dealing with increased red tape to comply with wide-ranging reforms to corporate tax rules proposed by the Organisation for Economic Cooperation and Development and expected to be endorsed by the world’s 20… – Continue reading
For years it has been the currency of the Costa, as criminals simply can’t do business without a bag of ‘black money’. Judges, solicitors and local councils have been prone to their cut on every transaction and complex property transfer for decades. However, now the Spanish are finally cracking down… – Continue reading
(CNS Business): A number of lawyers in Cayman have been recognised for their excellence in the field of asset recovery, which is an area providing a buoyant stream of work, despite the relative slowdown in cases connected with the global financial crisis. The Who’s Who Legal guide to Asset Recovery… – Continue reading
Economist Richard Murphy, a long-standing critic of the Channel Islands, has told ITV News he believes the Bailiwicks are secretive “tax havens” that undermine the UK’s tax system. We spoke to him immediately after today’s Prime Minister’s Questions, where Jeremy Corbyn spoke for the first time as leader of the… – Continue reading
PHUKET: In 2005 the EU Commission proposed a directive that laid the foundations for a radical change in the portability of an individual’s pension. British, Dutch and Irish nationals were given the flexibility to move certain private pensions to the jurisdiction of their choice, rather than leave it in their… – Continue reading
The Channel Islands (Jersey and Guernsey) have long been known as leading offshore centres for the establishment of investment funds and other investment structures. In particular, Channel Island vehicles are often used for alternative investment structuring – including private equity, infrastructure and real estate. This article explains the trends in… – Continue reading
ANY MOVES towards tackling tax havens are welcome, says Jim Orr Earlier this year Scottish Government plans to restrict land ownership in Scotland only to EU registered people or entities were very well received with 82 per cent of consultation respondents recorded as supportive. These proposals would improve transparency and… – Continue reading
The opening of Arthur Conan Doyle’s A Study in Scarlet finds Afghanistan veteran Dr John Watson pondering his future. Inevitably, he finds himself in London, “that great cesspool into which all the loungers and idlers of the Empire are irresistibly drawn”. The century that followed saw London lose much of… – Continue reading
Switzerland remained the leading offshore asset booking centre in 2014, but with the rising new wealth generation in the Asia-Pacific region and its proximity to booking centres such as Hong Kong and Singapore, the country is expected to face increasing competition, reports Gulf News. Switzerland booked US$2.4 trillion (Dh8.8 trillion)… – Continue reading
Guernsey’s Chief Minister and Commerce and Employment Minister have expressed their astonishment that Guernsey has been included on a list of 30 so-called ‘non-cooperative’ non-EU jurisdictions, which was published today, reports Guernsey Finance. The list consolidates national tax ‘blacklists’ as they stood six months ago, and includes any jurisdiction on… – Continue reading
Portugal can be a very attractive country to live in from a tax point of view. The inheritance tax regime is very benign here, and there is no wealth tax. Tax efficient arrangements can lower tax liabilities on your investment and pension income. And if you are a new resident,… – Continue reading
“We will raise at least £5 billion from continuing to tackle tax evasion, and aggressive tax avoidance and tax planning, building on the £7 billion of annual savings we have delivered in this Parliament.” Conservative Manifesto “[We would raise] a further £6bn from tax dodgers.” Lib Dem press release, 19… – Continue reading
Guernsey’s Chief Minister, Jonathan Le Tocq, met today with Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, Taxation and Customs. Deputy Le Tocq’s meeting, which was alongside Jersey’s Chief Minister, Ian Gorst, came at the beginning of a series of engagements over the next 48 hours in Brussels…. – Continue reading
New rules mean that almost 100 governments around the world will exchange information about bank accounts Expat tax dodgers are running out of places to hide, as information about their bank accounts and assets will soon be exchanged between 93 governments globally. At present, if tax authorities suspect people of… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
The tiny island nation of Dominica in the Caribbean is positioning itself as another offshore banking facility. However, its prime minister warns that if one is thinking of parking ill-gotten gains in his country, to think again. “We are open for business but at the same time we have rules,”… – Continue reading
The Channel Islands is to challenge the Treasury’s decision to bring to an end a tax loophole used by major retailers to avoid VAT charges when bringing low value goods into the UK. Jersey and Guernsey will begin an application for judicial review of the change at the High Court… – Continue reading
According to Peter Willey, EY’s Channel Islands Head of Tax, the Channel Islands are likely to be impacted by decisions being made now in other jurisdictions. EY recently surveyed its tax policy leaders in 32 jurisdictions to ask them to forecast the tax policy outlook for 2015 in their jurisdiction…. – Continue reading
Samantha Cameron is creative consultant at the upmarket company Firm is is owned through a holding company in Luxembourg It is also linked to a secretive trust in the Channel Island of Guernsey David Cameron has often criticised companies who use tax havens David Cameron has often railed against big… – Continue reading
Forty-one businesses across the three Crown Dependencies responded to the survey, with 78 per cent of respondents saying they have completed their FATCA classification and only 10 per cent reporting that their internal entities are not yet registered with the IRS. Confidence in FATCA compliance is high within the islands,… – Continue reading
Financial institutions based in certain British Overseas Territories (BOTs) and Crown Dependencies (CDs) will be subject to stricter reporting requirements covering accounts held with them by UK resident non-UK domiciled taxpayers from 2016 if specific “carve outs” are not negotiated, an expert has said.31 Oct 2014 Private wealth tax Tax… – Continue reading
