The Budget notes say (page 246) that:
Transfer of Assets Abroad
27. Anti-avoidance legislation designed to prevent individuals from avoiding
income tax by transferring assets abroad will be amended to ensure these
anti-avoidance provisions apply to non domiciled individuals. The
remittance basis will apply to remittance basis users.
This is a massive change. It effectively says that once a non-domiciled person [...]
I note that the FT has reported that:
The plan for a $75bn superfund to buy assets from cash-strapped structured investment vehicles appears to be gaining support among sceptical institutions, amid concern that SIVs might start dumping bank debt.
The planned superfund, which is being put together by Citigroup, Bank of America and JPMorgan Chase with the [...]
A promoter of offshore schemes in the USA looks very likely to go to jail. As Smartpros.com reports:
David Alan Struckman, co-founder of the “Institute of Global Prosperity” — an organization that sold audiotapes, CD’s and tickets to offshore seminars on “wealth-building” strategies — was found guilty in a federal court of tax evasion and conspiracy [...]
The Revenue have lost what has been called the Arctic Systems case in the House of Lords.
This case dealt with a husband and wife who co-own a company. They paid themselves very modest salaries and then split the remaining net income of the company (which was high in relation to salaries and also in relation [...]
I had to laugh at a report in the Jersey Evening Post on 2 July. It was reported (but not on the web) that:
Jersey’s trust industry has not been sufficiently recognised for its high standards, according to Julie Coward, who chairs the Jersey Association of Trust Companies (JATCo),
Poor Ms Coward has complained that:
the industry is [...]
This week Jersey has tried to be all thing to all people. First it tells the US Senate how compliant its finance industry. Then it bangs it’s drum about winning the ‘Offshore Finance Centre of the Year Award’. Look at this stuff from the associated press release:
In winning the prestigious award, Jersey beat off competition [...]
The ITIO, and the Isle of Man in particular launched an attack on the money laundering and tax management standards of the world’s major economies yesterday. That was appropriate. But there’s good evidence to think that such places can’t be trusted to set the standards required to tackle money laundering or tax evasion. I know [...]
Lawyers are probably the greatest obstacles to justice in the world. No, that’s not an exam question (although it would be a good one if followed by the single word ‘discuss’), it’s a statement of belief. My belief.
Let’s start with the Law Society in England who have today issued a press release on money laundering [...]
Nichola Ross Martin has written one of her usual articles for AccountingWEB in which the logic is very hard to follow. This one is about trusts. She is commenting on data published by the Revenue on a survey of trusts they undertook to assist them in forming an opinion on the revision of trust tax [...]
I’ve been accused on occasion of focusing too strongly on dubious practice in Jersey. I accept that it’s the haven I know best, but sometimes another needs attention. Take the Isle of man for example, and Lorne House Trust Limited in particular. I’ll ignore for now the complete nominee service they provide for running an [...]
