The OECD has released the full version of a new global standard for the exchange of information between jurisdictions.
HMRC has published a tax information and impact note on the new rules which will allow it to issue conduct notices to promoters of tax avoidance schemes. The note stresses that these rules have effect since Royal Assent of the Finance Bill (i.e. 17 July 2014).
According to the Financial Times (10 July 2014), lawyers are scrambling to file compensation claims against advisers who sold tax-saving schemes that have backfired to leave an estimated £5bn bill for individuals.
Employee remuneration scheme involving genuine loans
Bill Dodwell gives his view on the latest phase of the Fair Tax Mark and its application to multinationals
Helen Buchanan comments on Labour’s proposals to close the quoted Eurobond exemption ‘loophole’
According to the Financial Times (7 July), a string of business leaders, sports stars, entertainers and other investors were told on Monday to prepare for tax demands totalling at least £520m, in a crackdown by HMRC.
The debate on tax is being distorted by poor reporting in national media and grandstanding from members of the PAC. It is time for advisers to take a more active role in better informing the public on tax, writes Pete Miller.
On 24 June 2014, the IRS published an update to the Foreign Financial Institutions (FFI) Agreement, under which financial institutions report information to the US authorities in place of a withholding tax.