Tax & Regulation
Tax & Regulation | 1 Jun 17
Film scheme for the stars loses £700m tax avoidance case
A film scheme that counted David Beckham, Wayne Rooney and Gary Lineker among its investors has lost a court challenge on a technical point linked to First Tier Tax Tribunal decision which had resulted in an extra £700m ($899m, €802m) tax bill.
North America | 1 Jun 17
US pensioner guilty of tax fraud via Panama and Delaware
A 73-year-old woman from Texas has pleaded guilty to conspiring to defraud the US by using accounts in Delaware and Panama to conceal more than $1.3m (£1m, €1.16m) in royalty income she earned from oil wells.
Australian adviser given life ban for stealing A$2.3m
An Australian financial planner has been jailed and permanently banned from providing financial services after pleading guilty to stealing more than A$2.3m (£1.3m, $1.7m, €1.5m) from a nurse to fund his lavish lifestyle.
South Africa’s RDR to tighten independence rules for advisers
When South Africa’s Retail Distribution Review (RDR) is fully introduced, product suppliers to IFAs will be held much more accountable for customer outcomes, according to Caroline da Silva of the country’s main regulator, the Financial Services Board.
Returning expat pensioners to cost UK £1bn post-Brexit
Tens of thousands of expat pensioners across the EU may return to the UK if the country fails to secure reciprocal healthcare rights after Brexit, with the cost of treating them on the NHS likely to double, warns a report by health charity the Nuffield Trust.