Some of the best-known figures in the City of London are planning to abandon Britain as dissent grows over the Government's decision to raise the top rate of income tax to 50 per cent.
Over the weekend, it emerged that Guy Hands, chief executive of the private equity company Terra Firma Capital Partners, which owns the giant EMI music group, has relocated to Guernsey, The Independent reports.
The hedge fund grandee Crispin Odey is likewise understood to be considering taking his Odey Asset Management group, which controls more than £3bn, to a different tax jurisdiction. Mr Hands's decision to move to the Channel Islands is understood to be entirely for tax reasons. Full story...
Luxembourg Prime Minister Jean-Claude Juncker accused Germany and other European partners of breaking their word by putting his country on a list of problem tax havens at last month's G20 summit in London, Reuters reports.
"I consider this outrageous," Juncker told German weekly Der Spiegel. "I'm disappointed by all my EU colleagues who in London broke a promise they had given us in Brussels." Full story...
Malaysia's latest moves to improve compliance with the Organisation for Economic Cooperation (OECD) tax haven rules include making amendments to the Labuan Offshore Business Activity Tax Act 1990 to allow the sharing of information with trading partners, according to Malaysian publication, The Star.
The OECD with the agreement of the G20 countries had put Malaysia/Labuan, Costa Rica, Uruguay and the Philippines on a list of "non-cooperative jurisdictions, including tax havens" on April 2. Subsequently, Malaysia was removed from the list on April 7. Full story...
Italy has still not decided whether to adopt a new amnesty encouraging people to declare funds held in foreign tax havens, Prime Minister Silvio Berlusconi said on Wednesday, adding the idea did not come from Italy.
Reuters says bank sources estimate that Italians have about 600 billion euros ($794.3 billion) parked in foreign tax havens.
A scheme launched by Economy Minister Giulio Tremonti when he held the post in 2001 regularised about 50 billion euros. Full story...
The international consequences of the financial crisis in Europe and the United States could be fatal for the Caribbean financial services sector, The Trinidad Express reports.
We already know that one certain consequence for the Caribbean will be a drop in the flow of remittances from the United Kingdom and the United States.
A big loser from the financial crisis could be the region's financial services sector. Financial services do not provide many jobs in the region. But they make a massive contribution to the economy of many Caribbean countries. Full story...
£300bn of liabilities
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Transfer from occupational scheme
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