News Archive

News Archive - August 2009


NDO- Message is clear to those evading tax

31/08/2009
The new Disclosure Opportunity (NDO) is well under way, and businesses, individuals and tax advisers will be contemplating how best to proceed. (For detailed information please read our comprehensive guide to the HMRC New Disclosure Opportunity .) Further to the disclosure opportunity, HMRC recently released a press statement indicating that they had...
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HMRC- Focus on Recruitment Agencies

19/08/2009
Revenue & Customs have issued a warning to recruitment agencies that it will be taking sterner measures against employers who are abusing tax concessions for temporary workers. Ministers have become increasingly aware of the growth of schemes that convert an element of a worker’s pay into tax-free expenses. In some cases, the employer takes...
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UK: HMRC to revise guidance on "Ordinarily resident"

17/08/2009
On August 14th, 2009, HMRC declared their intention to revise guidance on ordinary residence in the UK. The new intended guidance states that: You will become ordinarily resident in a tax year after your year of arrival if: you have been in the UK for three years from the date of your arrival, even though you did not originally intend to stay and have...
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Italy legalises tax amnesty

14/08/2009
On 3 August 2009, the Italian Anti-crisis Decree ( tax amnesty) was converted into Law Decree No. 103 . The key points of the tax amnesty measures provided in the Law are summarised: With effect from15 September 2009, Italian taxpayers that are considered to be financially resident in Italy will be allowed to legitimately transfer/declare funds and...
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Liechtenstein- agreement signed with UK

11/08/2009
Liechtenstein is giving up its secrets regarding bank accounts held in the principality. In 2002, the Organisation for Economic Co-operation and Development named Liechtenstein as one of seven “unco-operative tax havens”. In recent months, the Alpine principality has agreed to accept OECD tax transparency standards and started negotiating...
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HMRC confirm New Disclosure Opportunity details

05/08/2009
HM Revenue & Customs (HMRC) has confirmed the details of a new disclosure initiative that will allow people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate. Under the New Disclosure Opportunity (NDO) people who make a complete and accurate disclosure between 1 September 2009 and...
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Professional advisors must report on unpaid tax

03/08/2009
The UK Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 require a report to be made to the police if a person knows or suspects that a client or any other person is engaged in money laundering or using or possessing the proceeds of crime. An offence is committed when a person acquires, uses or has possession of property which he...
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