Tax Avoidance
Tax & Regulation | 8 Mar 17
UK tightens rules on tax avoidance promoters
The UK tax office has announced plans to close a loophole which had emerged enabling some individuals to circumvent the current Promoters of Tax Avoidance Schemes (POTAS) legislation.
North America | 7 Mar 17
Canada taxman denies amnesty as more IoM schemes uncovered
The Canada Revenue Agency (CRA) has denied it is offering an amnesty to citizens using offshore company structures to avoid paying tax, adding that it is investigating a number of schemes it has uncovered on the Isle of Man.
Tax & Regulation | 7 Mar 17
UK advisers to alert HMRC if clients use offshore tax structures
Financial advisers in the UK could be required to notify HMRC of all clients using offshore tax planning structures, according to George Bull, a senior tax partner at tax and consulting firm RSM, adding that the measure could be rolled out in the UK’s last ever Spring Budget on Wednesday.
North America | 6 Mar 17
Canada vows to curb tax dodgers amid KPMG offshore scandal
Canadian prime minister Justin Trudeau has vowed to do a “better job” tackling tax evasion and tax avoidance following a high-profile exposé into how wealthy individuals used an Isle of Man-linked offshore scheme to avoid paying C$130m (£79m, $97m, €91m) in taxes.
Tax & Regulation | 27 Feb 17
HMRC rejects film industry tax avoidance criticism
HM Revenue & Customs (HMRC) has rejected criticism over how it has handled the exploitation of tax breaks for the film industry, which Treasury chairman Andrew Tyrie claims has been “financially calamitous” for some investors.