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Accountancy Forum Newsletter - December 2017

by Reed Smith on

In this edition, we have drafted an article on the recent FRC sanctions and we have also included short summaries of recent cases and items of interest to our target audience. At the end of the newsletter, you will also find...more

UK Tax Round Up - November 2017

by Proskauer Rose LLP on

UK Tax News and Developments - The OTS publishes its report "Value added tax: routes to simplification" - On 7 November, the Office of Tax Simplification (OTS) published its first report on VAT, which included a range...more

Asset Management Regulatory Roundup - November 2017 - Issue 11

by Dechert LLP on

A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details on ESMA’s updated Q&As on the key information document requirements for PRIIPs;...more

UK Government Focuses on Real Estate and the Digital Economy in Autumn 2017 Budget

by Latham & Watkins LLP on

Against a stormy backdrop of government instability and Brexit uncertainty, the 2017 Budget was always unlikely to rock the boat. The Chancellor chose not to launch a sweeping attack on “ tax avoiders” in light of the public...more

Facilitating tax evasion: how to avoid being unwittingly caught by the Criminal Finances Act 2017

by White & Case LLP on

The Criminal Finances Act 2017 came into force on 30th September 2017. It has introduced a new corporate criminal offence of failing to prevent tax evasion. This new offence is aimed at companies who have failed to put in...more

Brexit: Authorised Economic Operators (AEO)

by Dechert LLP on

After Brexit, customs declarations to UK Customs are expected to increase five-fold to 255 million annually and the UK companies making declarations to double to over 270,000. But only 0.2% of those traders have AEO status –...more

UK ‘Sugar Tax’ – Draft Regulations Published

by Hogan Lovells on

The UK tax authority HM Revenue and Customs (HMRC) has published draft Regulations setting out further details on the new UK ‘Soft Drinks Industry Levy’, which will apply from 6 April 2018....more

The failure to prevent tax evasion

by WilmerHale on

The Criminal Finances Act 2017 (“the Act”)1 came into force on 30 September 2017. The Act contains a patchwork of new powers, and amendments to existing legislation, largely directed at combatting money laundering and...more

Anti-money Laundering Regulations: New HMRC Reporting Duty for Pension Scheme Trustees

by Reed Smith on

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force on 26 June 2017 and impose new registration and reporting duties on trustees,...more

UK Tax Round Up - October 2017

by Proskauer Rose LLP on

UK Tax News and Developments - Government White Paper on Customs Bill - On 9 October, the Government published a White Paper setting out its approach to the introduction of a new customs and VAT regime after the UK...more

New corporate criminal offence of failure to prevent the facilitation of tax evasion

by Dentons on

A new criminal offence of corporate failure to prevent the facilitation of tax evasion came into force on 30 September 2017. Having reasonable prevention procedures in place is an organisation's only defence to the offence....more

The UK Trust Register

by McDermott Will & Emery on

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force, introducing new requirements for trustees. The Regulations...more

Financial Services Quarterly Report - Third Quarter 2017: Global Update: UK Criminal Finance Act 2017: Immediate Considerations...

by Dechert LLP on

UK asset managers, non-UK asset managers carrying on business in the UK and the funds they manage are within the scope of the new corporate criminal offences of failing to prevent the facilitation of tax evasion. As the new...more

Trade & Manufacturing - News of Note - October 2017

by King & Spalding on

U.K. Revenue And Customs Head Testifies On Post-Brexit Border And Customs Issues On September 14, 2017, the United Kingdom (UK) Parliament Treasury Committee met with Her Majesty’s Revenue & Customs (HMRC) officials to...more

Profiting from Human Rights Abuses

by McGuireWoods LLP on

The Criminal Finances Act 2017 runs to nearly 150 pages. It was hurried through Parliament shortly before the June 2017 election. It is an example of lazy and confusing legislating, where numerous sections and sub-sections...more

Joint DB and DC trustee agenda update: current legal issues

by Allen & Overy LLP on

Welcome to our monthly update on current legal issues for trustees of DB and hybrid pension schemes, designed to help you stay up to date with key developments between trustee meetings, and to support the legal update item on...more

UK Tax Round Up - September 2017

by Proskauer Rose LLP on

UK Tax News and Developments - Finance (No 2) Bill 2017 - The second Finance Bill of 2017, known as Finance (No 2) Bill 2017, has now been published. As expected, this contains most of the provisions which were dropped from...more

Pensions Round-Up - July/August 2017 (UK)

by DLA Piper on

Welcome to the latest edition of Pensions Round-Up which provides an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at key developments from the second half of July...more

Zero Dividend Shares are Ordinary Share Capital

by Proskauer - Tax Talks on

The Upper Tribunal (Tax and Chancery Chamber), the UK’s second level tax appeal court, have just published their judgement in the McQuillan case, which considered whether shares with no right to dividends or any other profits...more

Corporate Tax Residence: Another Chapter

Another Case on Corporate Tax Residence: Why Does It Matter? - Corporate tax residence is an area of enduring enquiry and focus for HM Revenue & Customs (HMRC) in the UK. Development Securities (No.9) vs. HMRC [2017]...more

Personal Liability for Senior Accounting Officers Over Tax Accounting Arrangements— First Court Decision Provides a Cautionary...

by Shearman & Sterling LLP on

The UK Senior Accounting Officer (SAO) regime was brought in by the Finance Act 2009 and requires large companies and groups to identify the individual who is responsible for certifying to the UK tax authority (HMRC) each...more

UK Tax Round Up - August 2017

by Proskauer Rose LLP on

UK Tax News and Developments - Latest on the Finance (No 2) Bill 2017 - On 20 July 2017 the government announced in Hansard that the House of Commons will, on Wednesday 6 September 2017, be asked to approve the Ways and Means...more

Pensions Round-Up - June/July 2017 (UK)

by DLA Piper on

Welcome to the latest edition of Pensions Round-Up which provides an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at key developments from June 2017 and the first...more

UPDATE: New UK Offences of Failure to Prevent Facilitation of Tax Evasion – looming deadline

by Ropes & Gray LLP on

In May 2016, we published an Alert about UK proposals to introduce new strict liability corporate criminal offences aimed at preventing the facilitation of tax evasion. Andy Howard, Tax partner in the Ropes & Gray London...more

UK beneficial ownership registers – how recent developments affect finance transactions

by Dentons on

This year the UK government has introduced, updated and consulted on various measures to make the identity of those investing in the UK more transparent. Some, but not all, of these have been introduced to comply with the EU...more

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