Last call to action for holders of offshore bank accounts with HSBC Jersey

We have started to receive letters from HMRC asking certain clients if they have “checked their UK tax affairs recently?” specifically referencing an offshore bank account with HSBC Jersey and stipulating that the enclosed ‘certificate of tax position’ is required by 31 December 2015. Failure to reply and submit the notification form may result in a ‘detailed investigation’ into your taxation affairs or at the very least a higher cost if…

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Employee Benefit Trusts – HMRC win against Rangers FC

The Court of Sessions in Scotland have overturned previous Tribunal decisions and found in favour of HM Revenue & Customs. The judges have decided that payments by Rangers FC to the principal trust of an employee benefit trust amount to “a mere redirection of emoluments and earnings” and therefore were subject to income tax and…

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