BVI – Alternative Reporting Regime For UK Resident Non Domiciled Individuals [Harneys]

The British Virgin Islands and the Cayman Islands have entered into agreements with the UK for automatic disclosure of information in respect of interests in financial accounts held by UK residents.

Most UK residents are taxed on the “arising” basis meaning they are liable to pay UK tax on worldwide income and gains, wherever these arise or accrue. The resident non-domiciled or (RND) regime in the UK refers to the alternative remittance basis of assessment […]

By |June 4th, 2015|

Tax Transparency – The New Global Reporting Standard

A COMMON REPORTING STANDARD ACROSS THE WORLD
The goalposts in international tax reporting are moving rapidly.

In conjunction with the G20, the OECD developed the Common Reporting Standard (CRS) as a global standard for the automatic exchange of information. This was approved by the OECD Council on 15 July 2014 and in October 2014 over 50 jurisdictions confirmed adoption of the CRS by signing a multilateral competent authority agreement. Nearly 60 jurisdictions have now committed to […]

By |June 4th, 2015|

Canada: Ironside: TCC Orders Hearing Of Question On Rule 58 Motion

In Ironside v. The Queen (2015 TCC 116), the Tax Court allowed the Crown’s Rule 58 motion for a determination of a question of law before the hearing, namely whether the taxpayer was estopped from litigating an issue that had been adjudicated in an earlier Tax Court decision.

In the prior case (Ironside v. The Queen (2013 TCC 339)), the taxpayer had incurred legal and professional fees to defend himself against allegations of committing improper […]

By |June 3rd, 2015|