tax

Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority, according to The Guardian.

LV= says IFAs should make themselves aware of the tax implications of guaranteed annuities, or their clients' tax planning precautions could be affected.

Guernsey and Jersey intend to follow the Isle of Man's move in committing to automatic exchange of information, but concerns of a level playing field prevail.

Many offshore bank account holders could risk penalties for ignoring HMRC's New Disclosure Opportunity (NDO) its poor promotion of the tax amnesty, says leading accountancy firm, PKF.

No more than a dozen International Finance Centres (IFC) will still be around in a decade's time as offshore jurisdictions come under increasing attack, according to tax experts.

Customers with Isle of Man (IOM) bank accounts will no longer be able to withhold their tax details from the powers that be after the island today agreed to the automatic exchange of information within the EU.

International businesses and entrepreneurial corporates are been drawn to the Isle of Man from the UK after the Chancellor's Budget tax changes have "unsettled" non-doms, according to the Isle of Man Government.

An Isle of Man Treasury working party will investigate whether automatic exchange of tax information should be introduced on the island. Currently tax information is shared only upon request.

The Government could increase the rate of inheritance tax (IHT) in next week's budget to help plug its growing deficit, according to Standard Life estate planning specialist Julie Hutchison.

Employers can reap cost savings from pension salary sacrifice in under a year if the employee contributions are in excess of £500,000 per year, Watson Wyatt says.