United Kingdom: Offshore Banking

Financial institutions that are resident or carry on business in the UK are required to provide their UK tax-resident individual customers with a one-off notice, in a form that has been prescribed by HMRC under new regulations.

As expected, the Chancellor has announced that the changes to the taxation of non-domiciliaries will proceed in April 2017.

The 'unprecedented' amount of data the Revenue will receive from CRS-jurisdictions puts them in a stronger position of power, writes Camilla Wallace.

HMRC recognises that there is nothing wrong per se with UK resident taxpayers investing in overseas bank accounts, provided that they pay the correct UK taxes on the amounts invested and the income arising.

When it was originally launched in August 2009, the LDF was a unique disclosure facility offering terms allowing the beneficial settlement of long-standing tax issues, including undeclared offshore income and gains and IHT.

A look at some of the options available for investing for and gifting to the younger generation.

The Money Laundering Regulations 2003 came into effect on 1 March 2004. They now apply not only to professionals offering investment advice or arranging mortgages, but also to practitioners carrying out estate agency work and dealers in goods of any description where this involves accepting payment in cash of £10,000 or more (for example auctioneers).

The number of global financial institutions that moved specific functions offshore increased by 38 percent in the last year, according to the second annual global financial services industry offshore survey conducted by Deloitte.

Few solicitors will by now be unaware of the new law created by Part 7 of the Proceeds of Crime Act 2002 which is concerned with money laundering. This legislation, implemented in February 2003, together with the Money Laundering Regulations 2003 effective from March 2004, have attracted a high degree of concern and uncertainty within the profession. Key issues are their impact upon the solicitor-client relationship and the extent to which privilege may abrogate or modify any reporting obligatio