HMRC hosted another Charities CRS working group on 16 January. The following issues were on the agenda for discussion: Anti-Avoidance Rules HMRC would like to refine its currently broad regulation regarding anti-avoidance. It is scheduled to discuss it with the compliance team shortly. It will also be reviewing the anti-avoidance issues surrounding donations channelled through… Read More CRS and Charities: January 2017 update
STEP hosted its annual Special Interest Group (SIG) Spotlight Sessions on 14 November in London, a day comprising six conference streams. SIGs provide opportunities for members to connect and advance their focused area of practice. I attended the International Client SIG session, which focused on the needs of practitioners serving international clients with complex planning… Read More STEP puts CRS, transparency and public registers under the SIG spotlight
HMRC hosted another Charities CRS working group on 12 October. The following issues were on the agenda for discussion: Human Rights Guidance HMRC has been collecting examples from the working group to increase transparency and address concerns where the exchange of information could put individuals at risk. Its new guidance has addressed some of these… Read More CRS and Charities October update
The UK’s International Tax Compliance (Client Notification) Regulations have been amended and will come into force on 30 September 2016. The regulations create an obligation on financial institutions (banks, building societies, insurers, fund managers, wealth managers and professionals that offer tax or financial advice or services) to notify their clients about the tax information that… Read More International Tax Compliance (Client Notification) Regulations
The OECD Common Reporting Standard (CRS) is probably going to impact directly every STEP member outside of the US – the only major international financial centre not so far committed to joining the CRS. Even STEP members in the US, however, are likely to have to consider CRS’ implications for any clients they have with… Read More CRS and charities: watch out for reporting obligations
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