UK Trusts Registration Service – non-resident trusts need to comply

HM Revenue & Customs (“HMRC”) has announced that the online central register for trusts, the “Trusts Registration Service”, will be launched very shortly. The register has been brought in to assist the UK government comply with the EU’s 5th Money Laundering Directive which came into force on 26 June 2017. Trustees anywhere in the world…

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Priya Dutta comments on Trust Ownership Register

Trust Ownership Register: The U.K. tax authority has missed the deadline to launch its online register for the beneficial ownership of trusts as the government grapples with the legislative fallout of this month’s snap general election. HMRC were expected to launch their online beneficial ownership register for trusts on 26 June which would give it…

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HMRC plans to demand details of Offshore Trusts and companies from their Advisers

The Law Society has learned that HM Revenue and Customs (‘HMRC’) intends to write to firms that advise clients on the establishment of offshore trusts and companies, seeking information about beneficial ownership. The letter will precede a formal Notice under Schedule 23 Finance Act 2011, which will compel the recipient to provide information.    We…

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Mark Davies warns of security risks for those named in Panama papers

The posting of a searchable database containing the names of the thousands of individuals whose names were contained in the so-called Panama Papers documents could represent a security risk for those named, according to a London adviser who looks after UK resident, non-domiciled clients. Mark Davies, managing director of Mark Davies & Associates, noted that in spite…

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Panama papers provoke ‘Tidal Changes’ – Mark Davies tells Private Client Advisor online

A tide of financial transparency is sweeping across the world. Swimming against it is folly; it will have severe reputational and financial consequences The revelations from the recent Panama Papers leaks continue to make headlines around the world. The leaks have laid bare the private affairs of high-profile politicians, celebrities, and sports personalities from around…

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Spring Budget 2016 – Essential Tax Update for Non-doms

George Osborne’s eighth Budget (and my 22nd commentary) did not fail to deliver surprises. It is expected that a Chancellor will take the opportunity to use the Budget to throw sweeteners at the electorate. This year the Chancellor did that literally with the announcement of a Sugar Levy. Headlines Corporation tax is getting a revamp…

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