Category: Britain
$65 billion cash mystery puzzles Britain’s audit office
Mystery in the economy of Britain. How come there is an increase in circulation of pound notes when there is a decrease in day-to-day cash transactions? ... - Continue reading
British citizens born in America face having bank accounts frozen
Tens of thousands of British citizens born in the US but only lived there for a few months or years face having their bank accounts frozen as part of a crackdown by the US tax authorities. The Internal Revenue Service (IRS) is ordering British banks to hand over the… – Continue reading
Tax from non-doms falls by £2bn as wealthy flee the UK
The number of wealthy residents who pay no UK tax on their offshore accounts has fallen to its lowest level ever, Treasury figures reveal. Last year, there were 78,300 non-domiciled taxpayers, or “non-doms”, in the UK compared with 98,500 in 2016-17. And the £9.5bn they paid to the taxman in… – Continue reading
India calls out Britain for continuing to harbor its financial criminals
Britain reprimanded by India? ... - Continue reading
British overseas territories top corporate tax loophole index
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
Double taxation bill for Barney residents revealed
TAXPAYERS in Barnard Castle are paying £35,822 to fund town council services that could be provided by the county council, according to a report. Durham County Council used to provide a “double taxation grant” to parish councils so residents were not paying twice for some public services. Double taxation can… – Continue reading
Assad’s uncle ‘Butcher of Hama’ to stand trial on graft charges in France
Assad’s uncle ‘Butcher of Hama’ to stand trial on graft charges in France The uncle of Syria’s Bashar al-Assad is to stand trial in France on charges of building up a big property empire in the country using funds from Syrian state coffers, legal sources said on Wednesday. An investigating… – Continue reading
FAMILY BUSINESSES DOMINATE LIST OF BRITAIN’S HIGHEST TAXPAYERS
Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively… – Continue reading
EU Details Action Plan On Money Laundering
European Union finance ministers worked out a plan for combating money laundering and also made a deal on major bank reform on Tuesday (Dec. 4), according to reports from Reuters. The money laundering plan is a response to highly visible cases of alleged criminal activity at EU banks in countries… – Continue reading
UK lawmakers seek removal of 12-year offshore investigation limit
Britain’s parliamentary upper house has requested the current investigation limit set out in the Draft Finance Bill 2018 be scrapped. The House of Lords’ request to HMRC would, if passed, remove the 12-year offshore investigation limit from the Draft Finance Bill 2018 – a proposal that has seen an outcry… – Continue reading
Britain to start taxing big internet companies
LONDON — Britain’s Treasury chief unveiled Monday a new tax on big internet companies’ revenues, insisting it is time that the global tech giants with profitable business in the United Kingdom pay their fair share for public services. Philip Hammond made the announcement as he outlined his budget, explaining that… – Continue reading
UK and Cayman resume crime-fighting cooperation after row
The UK and the Cayman Islands have reached an agreement that will allow the continued cooperation in the fight against money laundering and other crime after complaints from London that information was not being shared. The minister of state for the Overseas Territories Tariq Ahmad and premier Alden McLaughlin released… – Continue reading
Business Ace Up Germany’s Sleeve for British-Style Companies After Brexit
While preparations for a Brexit deal slowly gain pace in the UK, the German government hasn’t been wasting any time. The German Chancellor Angela Merkel is not a fan of Brexit and having predicted that the future UK-EU relationship is likely to be based on a “very, very intensive free… – Continue reading
German companies unconvinced by Brexit tax reduction promises: study
BERLIN, Sept. 27 (Xinhua) — German companies are highly sceptical that the British government can deliver on a promise to attract more business to Britain by lowering taxes after Brexit, a study published on Thursday by the Foundation for Family Business in Germany and Europe found. According to the study,… – Continue reading
Brits living in SA must declare their offshore assets
The British High Commission has advised British citizens to report and pay their tax on foreign income and assets. In a media release, the Commission said as part of the British Government’s “Requirement to Correct” legislation UK taxpayers must make sure that all their foreign income and assets, where there… – Continue reading
Panasonic to Move European Headquarters Out of UK as Brexit Concerns Grow
Several multi-national corporations have moved their European headquarters outside of the UK ahead of Brexit, and many others are expected to follow suit, especially as the likelihood of a no-deal Brexit rises further. Japanese tech giant Panasonic will be transferring its European HQ away from London to Amsterdam in October… – Continue reading
HMRC Chasing Expat Contractors For Unpaid Tax
The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in… – Continue reading
New UK Law May Shut Down the Biggest Tax Havens — Aside from the U.S.
The United Kingdom’s parliament has enacted a new law requiring its overseas territories — which include notorious tax havens like Bermuda, the Cayman Islands, and the British Virgin Islands — to start disclosing by 2020 the owners of corporations they register. This could shut down a huge amount of offshore… – Continue reading
Not for the weather, but the tax-climate!
“The ceiling on taxation of capital gains reflects the national belief that speculation is a more worthwhile way to make a living than work.” – Calvin Trillin, Uncivil Liberties, 1982. Time was when both death and taxes were considered unavoidable. But in the light of the latest revelations contained in… – Continue reading
Facebook brings British profits onshore after tax rule change
LONDON (Reuters) – Facebook (FB.O) reported profits in Britain in 2016 of 58.4 million pounds ($77 million) after the introduction of anti-profit shifting measures but a modest rise in its tax bill shows the challenge Europe faces in working out how to tax technology giants. Facebook said in filings with… – Continue reading
Britain’s Links With Offshore Tax Havens Revealed
Britain is the world’s second largest conduit for multinational companies avoiding tax on profits, according to new research. Although the British government has taken a leading stand in the fight to tackle corporate tax avoidance, data analysis by researchers at Amsterdam University in The Netherlands shows The City of London… – Continue reading
Thousands of British expats could face tax penalties for undeclared cash: report
The first set of ‘hidden’ financial data about Britons living abroad is set to be handed to the UK’s Revenue & Customs later today, as part of the global transparency drive that has been introduced via a series of information sharing agreements across the world’s financial centres. As a result,… – Continue reading
Morneau ‘laying down the gauntlet’ on corporate tax loopholes
The finance minister says federal government doesn’t “want to wait for the next Panama Papers.” Canada’s finance minister denounced “unfair” tax loopholes on Thursday and put Bay St. on notice that the Liberal government is committed to addressing “blind spots” and exposing shadowy corporate finances to public scrutiny. “We don’t… – Continue reading
Switzerland Is Still a Safer Haven than Brexit Britain
(Bloomberg Gadfly) — A referendum lost. Voters crying foul at cuts to public services. The threat of financial chaos and businesses sent packing. This isn’t Brexit Britain. It’s Switzerland. The country this weekend voted down a government plan to keep offering tasty tax breaks to multinational companies — while still… – Continue reading
EU may blacklist Jersey as tax haven post-Brexit
JERSEY could be left vulnerable to being blacklisted as a ‘tax haven’ by the EU as the UK’s influence in Brussels fades during the Brexit process, a top adviser to the States has warned. Speaking at an Institute of Law seminar on the implications of Brexit for Jersey, Colin Powell… – Continue reading
Davos 2017: Oxfam attacks failing global tax avoidance battle
World Economic Forum debate hears how fight to make companies ‘pay their fair share’ is being undermined by race to cut corporation tax rates Efforts to tackle global tax avoidance are being undermined by a “race to the bottom” on corporate tax rates led by Britain and the US, the… – Continue reading
U.S. tax reform plan “not likely” to badly impact Canada: Expert
WASHINGTON — An American tax authority who helped champion a reform now being considered by the U.S. Congress says Canada would not be among the countries hardest hit by the introduction of so-called border adjustments. Alan Auerbach is among the leading proponents of the push to restructure corporate taxes so… – Continue reading
Plans for Australia to adopt a ‘Google tax’ welcomed by advocacy group
Coalition’s proposed diverted profits tax could capture billions in revenue from multinationals using profit-shifting practices, says Tax Justice Network One of the biggest critics of multinational tax avoidance has welcomed the Coalition’s proposed “Google tax”, saying a similar tax in the UK looks likely to increase corporate tax payments by… – Continue reading
Hammond threatens EU with aggressive tax changes after Brexit
Chancellor tells German newspaper if Britain were closed off from markets it may abandon European-style social model The chancellor, Philip Hammond, has suggested Britain could transform its economic model into that of a corporate tax haven if the EU fails to provide it with an agreement on market access after… – Continue reading
Netherlands ‘will block UK-EU deal without tax avoidance measures’
Trade agreement would have to include strict rules to prevent Britain becoming offshore haven, Dutch deputy PM says The Netherlands will block any EU trade deal with the UK unless it signs up to tough tax avoidance regulations preventing it from becoming an attractive offshore haven for multinationals and the… – Continue reading
Bermuda is world’s worst corporate tax haven, says Oxfam
Four UK territories in list ‘undermine Britain’s efforts to be responsible member of the international community’ Bermuda is the world’s worst corporate tax haven, according to a list by Oxfam, which includes three other UK territories among those it names and shames. The charity’s list of the “world’s worst” 15… – Continue reading
McDonald’s to scrap Luxembourg tax structure
Fast-food chain’s reorganisation means £800m from restaurants in Europe will flow through the UK instead McDonald’s is to scrap its controversial Luxembourg tax structure in a corporate shakeup that means $1bn (£800m) of income from fast-food restaurants across Europe will flow through the UK instead. The move comes 12 months… – Continue reading
UK Unveils Tough New Tax Avoidance Penalties
New laws to punish those who help set up offshore schemes to enable tax evasion were revealed Monday, as the U.K. government cranks up the heat on advisers and planners. Britain’s government has widened the Finance Bill 2017 to include further measures that will tackle tax evasion, avoidance and aggressive… – Continue reading
OECD Says Trump Tax and Spending Plans Will Boost Global Economy
A resurgent U.S. economy would help offset softness elsewhere in the world. Global growth will pick up faster than previously expected in the coming months as the Trump administration’s planned tax cuts and public spending fire up the U.S. economy, the OECD said on Monday, revising up its forecasts. In… – Continue reading
U.K. Seeks to Incorporate Nonresident Companies Into Tax Regime
The U.K. government said it would investigate bringing nonresident companies’ income into the country’s corporation tax regime. The consultation on the move is expected to begin at Budget 2017 in March, the Treasury said in its Autumn Statement Nov. 23. “The government wants to deliver equal tax treatment to ensure… – Continue reading
Bermuda dodges EU tax-haven blacklist bullet
Bermuda has reportedly avoided being placed on an European Union blacklist after Britain blocked a French-led proposal that would have automatically branded the island a tax haven. Territories with a zero per cent corporate tax rate, such as Bermuda and the Cayman Islands, would have been denounced as potentially “non-co-operative”… – Continue reading
To Boost Trade, A Bilateral Tax Treaty Between India And The UK May Be In The Offing
Following British Prime Minister Theresa May’s visit to India last week, Patricia Hewitt, chair of the UK-India Business Council, said that Britain is looking to re-balance its commercial links with countries like India post-Brexit. She suggested that the two governments should look at a bilateral tax treaty to boost trade…. – Continue reading
CRA investigating 85 Canadians for tax evasion tied to Panama Papers
Eighty-five Canadians identified in the Panama Papers leak are now being investigated for tax evasion, the Canada Revenue Agency has revealed. Details of Canada’s enforcement effort were provided to the Star the same week the U.K., which is a major hub of the offshore finance world, said it has launched… – Continue reading
McDonald’s UK pays £123m in royalties to Luxembourg
The British arm of McDonald’s paid £123m for “franchise rights” last year, as part of a controversial structure that is under investigation for enabling unfair tax avoidance. The European Commission launched a probe last year into whether Luxembourg’s tax arrangements for McDonald’s amounted to illegal state aid, as part of… – Continue reading
UK could slash corporation tax to 10 pct if EU blocks trade deal in Brexit (Update 1)
Britain could slash corporation tax to 10 percent if the European Union refuses to agree a post-Brexit free trade deal or blocks UK-based banks from accessing its market, the Sunday Times reported, citing an unidentified source. The newspaper said the idea of halving the headline rate from 20 percent had… – Continue reading
UK could slash corporation tax to 10 pct if EU blocks trade deal in Brexit (Update 1)
Britain could slash corporation tax to 10 percent if the European Union refuses to agree a post-Brexit free trade deal or blocks UK-based banks from accessing its market, the Sunday Times reported, citing an unidentified source. The newspaper said the idea of halving the headline rate from 20 percent had… – Continue reading
Experts dismiss HMRC’s shrinking tax gap estimate
The narrowing figure of £36bn roundly condemned for ignoring estimated tens of billions lost in profit shifting and tax avoidance by multinationals Tax experts warned that HM Revenue & Customs was underestimating the size of Britain’s tax avoidance problem after the agency claimed that Britain’s annual tax shortfall was only… – Continue reading
European commission to resurrect overarching corporate tax proposals
Proposed legislation is designed to curb the profit-shifting multinationals use to reduce tax liabilities on their income in Europe The European commission will redouble its crackdown on multinational tax avoidance next week with the relaunch of proposals to create an overarching corporation tax regime across all member states. The proposed… – Continue reading
100 Financial Centres Start Swapping Tax Data
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
Hammond buries Osborne’s tax-dumping plans
On the way to Brexit, Hammond adopts a more conciliatory negotiating position Britain’s post-Brexit Finance Minister, Philip Hammond, has buried a tax-dumping plan to slash the corporate tax introduced by his predecessor. Before his resignation in July, George Osborne announced plans to reduce British corporate tax to encourage investment to… – Continue reading
European Parliament Begins Panama Papers Probe Despite Tax Haven Splits
Members of the European Parliament, September 27, have begun their investigation into the Panama Papers scandal, which exposed the sheer extent of rich people and companies using offshore tax havens to reduce their tax liabilities in EU member states. However, the latest probe comes on the back of another investigation… – Continue reading
UK overseas territories could be affected by EU tax crackdown
Eight British overseas territories and crown dependencies, including Jersey, the British Virgin Islands and Cayman Islands, could face EU economic sanctions after Brussels identified them as having low or no corporation tax. Experts have published a scorecard showing red flag warnings set against a list of the 81 countries that… – Continue reading
How Amazon Values Its Tech Assets for Tax Purposes
Regulators in Europe and the US say that the value Amazon places on the technology behind user experience varies radically depending on which appraisal will lower its tax bill. Jeff Bezos’s relentless focus on user experience has helped him make Amazon the most valuable e-commerce company in the world. But… – Continue reading
Offshore jurisdictions unshaken by Brexit
The UK’s crown dependencies and overseas territories are unlikely to suffer following the Brexit vote, and may even be a model for a post-EU UK says Richard Wilson QC Even before the UK’s decision to leave the EU, offshore jurisdictions faced a number of significant challenges: increased pressure to provide… – Continue reading
