Tax Avoidance

Tax & Regulation | 8 Mar 17

The UK tax office has announced plans to close a loophole which had emerged enabling some individuals to circumvent the current Promoters of Tax Avoidance Schemes (POTAS) legislation.

North America | 7 Mar 17

The Canada Revenue Agency (CRA) has denied it is offering an amnesty to citizens using offshore company structures to avoid paying tax, adding that it is investigating a number of schemes it has uncovered on the Isle of Man.

Tax & Regulation | 7 Mar 17

Financial advisers in the UK could be required to notify HMRC of all clients using offshore tax planning structures, according to George Bull, a senior tax partner at tax and consulting firm RSM, adding that the measure could be rolled out in the UK’s last ever Spring Budget on Wednesday.

North America | 6 Mar 17

Canadian prime minister Justin Trudeau has vowed to do a “better job” tackling tax evasion and tax avoidance following a high-profile exposé into how wealthy individuals used an Isle of Man-linked offshore scheme to avoid paying C$130m (£79m, $97m, €91m) in taxes.

Tax & Regulation | 27 Feb 17

HM Revenue & Customs (HMRC) has rejected criticism over how it has handled the exploitation of tax breaks for the film industry, which Treasury chairman Andrew Tyrie claims has been “financially calamitous” for some investors.