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Swiss wealth manager pays $5m to settle US tax charges

Swiss wealth manager pays $5m to settle US tax...

Geneva-based investment management and consulting company Prime Partners has agreed to pay $5m (£3.9m, €4.2m) to the United States Attorney’s Office to settle charges for helping US taxpayers dodge taxes.

Published : 18, Aug 2017
Ex-IFA jailed for stealing £1m from client pension funds

Ex-IFA jailed for stealing £1m from client pension...Lock icon

A former UK adviser has been jailed for six years and banned from being a company director for eight after he was convicted of stealing £1m ($1.29m, €1.1m) of clients’ money via a self-invested personal pension scheme he invented.

Published : 18, Aug 2017
Aussie adviser banned and convicted of 97 counts of fraud

Aussie adviser banned and convicted of 97 counts...

The Australian Securities and Investments Commission (Asic) has permanently banned a former adviser who was found guilty of 97 counts of fraud and 10 counts of stealing and sentenced to six and a half years’ imprisonment.

Published : 18, Aug 2017
Guernsey bans Sark couple from director roles for 15 years

Guernsey bans Sark couple from director roles...Lock icon

A husband and wife from the Channel Island of Sark have each been banned from acting as company directors for 15 years after they were convicted and imprisoned for conducting regulated business without a licence and obstructing justice.

Published : 17, Aug 2017
Italy emerging as stand-out haven for the super wealthy

Italy emerging as stand-out haven for the super...Lock icon

A new flat rate tax regime introduced in Italy earlier this year is putting the nation on the map of potential destinations for super-wealth expats of all nationalities, an expert has told International Adviser.

Published : 17, Aug 2017
Blacklisted tax havens could face four types of sanctions

Blacklisted tax havens could face four types of...

The European Commission is understood to be looking at four kinds of sanctions targeted at jurisdictions on its planned tax haven blacklist which is due to be finalised at the end of this year.

Published : 17, Aug 2017
Abu Dhabi creates foundations framework for wealth management

Abu Dhabi creates foundations framework for wealth...

Abu Dhabi Global Market (ADGM), the financial free zone in the capital of the UAE, has launched of a new legal structure to support the growth of its wealth management industry.

Published : 17, Aug 2017
Repealing South African expat tax not ‘crazy’ says tax chief

Repealing South African expat tax not ‘crazy’...

A plan to scrap an exemption on taxing foreign employment income is not a “crazy proposal” when compared with other jurisdictions, the head of tax and financial sector policy at South Africa’s National Treasury has said.

Published : 17, Aug 2017
Sipps among most complained about UK financial products

Sipps among most complained about UK financial...Lock icon

The UK's Financial Ombudsman Service (FOS) received 59% more complaints about self-invested personal pensions (Sipps) in the first quarter of the 2017/2018 financial year compared to the same period a year before.

Published : 16, Aug 2017
Fraud trial of Lumiere Wealth’s Byrne set for summer 2018

Fraud trial of Lumiere Wealth’s Byrne set for...Lock icon

The former managing director of defunct Jersey-based IFA firm Lumiere Wealth, Chris Byrne, will likely stand trial in summer 2018 for, among other things, fraud and knowingly making misleading or deceptive promises to clients.

Published : 16, Aug 2017
Axa Life Singapore ordered to pay $3m over bad reference

Axa Life Singapore ordered to pay $3m over bad...Lock icon

Axa Life Insurance Singapore has been ordered by the country’s High Court to pay compensation to a former employee for providing an unflattering reference to the Monetary Authority of Singapore (Mas) and his prospective employer, Prudential Assurance Company Singapore.

Published : 16, Aug 2017
Football clubs feeling the heat of HMRC scrutiny

Football clubs feeling the heat of HMRC scrutiny...Lock icon

Following raids by HM Revenue & Customs on Newcastle United and West Ham and with over 40 players and 12 teams under review, football clubs in the UK are taking a more proactive approach to tax.

Published : 15, Aug 2017
More UK pension trustees to be hit with higher penalties

More UK pension trustees to be hit with higher...Lock icon

The Pensions Regulator is stepping up how it uses its enforcement powers, which includes financial penalties, and expanding who it considers to be a professional trustee.

Published : 14, Aug 2017
Mazars cleared of bad advice charge by UK Ombudsman

Mazars cleared of bad advice charge by UK Ombudsman...Lock icon

A man who had to pay additional taxes after losing his lifetime allowance (LTA) protection on his pension plans was not poorly advised by the financial planning arm of UK accountancy firm Mazars, the ombudsman has found.

Published : 11, Aug 2017
US court upholds IRS penalty on US expat demanding tax refund

US court upholds IRS penalty on US expat demanding...

A US court has dismissed a complaint by an American citizen residing in Canada who claimed to have paid an unconstitutional penalty for failing to file the fiscal documentation required for his offshore business.

Published : 11, Aug 2017
UK stately home donates Roman artefacts to pay IHT bill

UK stately home donates Roman artefacts to pay...

North Yorkshire stately home Castle Howard has donated Roman artwork to the nation in lieu of nearly £5.5m ($7.1m, €6.1m) owed in inheritance tax.

Published : 10, Aug 2017
Crown dependencies should be able to elect MPs, says Tory MP

Crown dependencies should be able to elect MPs,...

Britain's crown dependencies should be granted the same parliamentary representation given to devolved jurisdictions, a former member of the UK Parliament’s Foreign Affairs Committee has said.

Published : 10, Aug 2017
Sharp rise in UK advice firms providing pension transfers

Sharp rise in UK advice firms providing pension...Lock icon

There has been a 17% increase in the number of UK financial advice firms with regulatory permission to conduct defined benefit (DB) pension transfers over the past financial year, as demand from clients continues to rise.

Published : 9, Aug 2017
Ban and fine against former UK adviser network CEO upheld

Ban and fine against former UK adviser network...Lock icon

An appeal by the former chief executive of an adviser network to overturn a ban on having any ‘significant influence’ on any regulated activity has been struck down and a fine upheld by the UK’s Upper Tribunal Tax and Chancery Chamber.

Published : 9, Aug 2017
Pakistan’s private pension funds assets up 32%

Pakistan’s private pension funds assets up 32%...

Pakistan’s private pension fund industry grew over 32% in the fiscal year ending in June 2017, with total assets under management rising to PKR25bn (£180.8m, $234.4m, €199.6m), data released by the Securities and Exchange Commission of Pakistan (SECP) shows.

Published : 9, Aug 2017

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Blacklisted tax havens could face four types of sanctions
Blacklisted tax havens...

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How to make the most of unused inheritance tax allowance
How to make the most...Lock icon

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Axa Life Singapore ordered to pay $3m over bad reference
Axa Life Singapore ordered...Lock icon

Axa Life Insurance Singapore has been ordered by the...

DeVere’s Europe expansion continues with first Austria office
DeVere’s Europe expansion...Lock icon

DeVere Group is to open its first office in Austria...

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