Hundreds of people have voluntarily handed over details of their offshore bank accounts to the Revenue after it began a clampdown on tax avoidance.Investors were moved to act after the Revenue won a legal case forcing Barclays to hand over details of clients’ offshore bank accounts. The Revenue is cracking down on offshore accounts amid concerns that they are being used as tax avoidance tools and says several hundred people have already volunteered details of their holdings. Barclays has no plan to appeal against the ruling, which could have repercussions for other banks which are likely to be asked to reveal details of customers’ accounts. Barclays insists that the decision affects the entire industry and it has not been singled out. Accountants and lawyers have been urging their clients to disclose assets held offshore in the hope of reducing any possible fines for tax evasion. The penalty for non-declaration is the tax due, plus interest and a penalty, which can be up to 100 per cent of the tax due. The Revenue says the level of co-operation it receives from investors will be viewed as a mitigating factor when it decides on any penalties. Lloyds TSB says the decision is likely to have wide implications for all financial providers. A spokesman says: “We are advising any customer with concerns to seek independent advice from a financial adviser or accountant to ensure tax obligations are met.”
Six million company pension scheme members face a cut in their benefits under the proposed national pension savings scheme. Research from Axa has found that 34 per cent of employers which contribute 3 per cent or more to a company scheme will consider reducing contributions to 3 per cent if the NPSS is introduced. Forty-nine […]
Swiss Re’s annual industry protection report reveals that the life insurance protection gap was static at 2.3 trillion in 2005/06 but the income protection gap grew to 170bn.
Global Emerging Markets Equity Freestyle Fund
Scottish Equitable Protect has linked with Red Arc offering its care advisory services for people claiming on its group critical illness policy.With immediate effect, anyone who makes a claim on a Scottish Equitable Protect group CI product will receive support from the care advisory service provider. Their immediate family will also receive the services, free […]
While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]
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I always try to check my Twitter feed over breakfast. Recently, a tweet from IFA Philippa Gee caught my eye. She had taken her time to attend an investment conference and found she was the only woman there. Comments followed that this occurrence is far too common. According to Unbiased, just 13 per cent of […]
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