Tax & Regulation
M&G not liable after son steals from account
In a cautionary tale for investors passing down family names, the UK Financial Ombudsman Service has rejected a complaint from a man whose identically named son was able to fraudulently withdraw money from his M&G Securities account.
Alternatives | 22 Feb 18
UK opens cryptocurrency inquiry
Bitcoin, ether and other digital currencies are to come under scrutiny in the UK after the Treasury Committee announced on Thursday it has launched an inquiry into digital currencies and the technology behind them.
South Africa budget increases wealth tax
South Africa’s finance minister has announced an increase in estate duty from 20% to 25% for those with properties worth ZAR30m (£1.8m, $2.7m, €2.1m), a move a legal expert says will have a “significant effect” on the nation’s wealthy.
Best Practice | 21 Feb 18
Simplified IHT rules could go live in 2019
The UK’s Office of Tax Simplification (OTS) will publish a report on the processes and complexities around inheritance tax (IHT) in autumn 2018, opening the door to the possibility that IHT could be simplified within the next two years.
Incoming FCA chair admits using tax avoidance scheme
The next chair of the UK’s Financial Conduct Authority said he made an “error in judgement” when he used a tax avoidance film scheme promoted by Ingenious, a firm that has lost several court battles against HM Revenue & Customs.