It’s December already. Is there anything you need to do before the year ends in a few weeks time: buy Christmas presents (check), book New Year’s eve party (check), move millions out of Swiss bank account before they get snaffled (oops). A “tax cooperation agreement” between the UK and Switzerland comes into effect on 1 … Continue reading Undisclosed Swiss bank accounts make for not such a happy new year!
The recent First-Tier Tribunal decision in the case of William Blumenthal throws light on a number of issues, in the context of a capital gains avoidance scheme. Economically, the taxpayer made a gain overall but for tax purposes sought to recognise a loss only. Essentially, the taxpayer sold shares in return for loan notes issued by a member … Continue reading William Blumenthal decision
Several opportunities have been provided to taxpayers ‘to come clean’ about the holding of undeclared offshore assets or bank accounts. These include the 2007 Offshore Disclosure Facility, the New Disclosure Opportunity and the Liechtenstein Disclosure Facility. The final opportunity for disclosure ends on 4 January 2010 (unless another final Facility is introduced (again) or the deadline for … Continue reading Offshore is bad, very bad
A consultation document has been released containing draft legislation amending the regime requiring tax avoidance schemes to be disclosed to HMRC. These proposed measures include revising and extending the hallmarks (which identify the types of schemes that must be disclosed), bringing forward the trigger point for disclosure of marketed schemes, imposing additional information requirements on promoters and on intermediaries … Continue reading Tougher disclosure regime
There has been widespread speculation concerning increases in rates as well as anti-avoidance measures to close such planning opportunities as remain. But no such changes have been announced today. This can only be good news for the property sector. One proposed measure is the extension of the Disclosure Rules on SDLT avoidance (which requires scheme details … Continue reading Stamp Duty Land Tax (no news is mostly good news)
Olswang’s tax group will highlight its initial thoughts on this year’s Pre-Budget Report (PBR). We would be very interested to know your views so please feel free to post your comments. We will also publish our analysis of the PBR which you will be able to access by clicking on the link on the right-hand side. We will publish this shortly after the … Continue reading Welcome to Olswang’s Budget Blog