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The Isle of Man government has signed a tax information sharing agreement with the UK government to help combat tax evasion. Under the agreement, the Isle of Man and UK will automatically exchange a wide range of information on tax residents, on a reciprocal basis. It should be emphasised that evasion isn’t avoidance and there […]

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In a report published yesterday, the Organisation for Economic Cooperation & Development (OECD) calls for an overhaul of international tax laws, including controversial transfer pricing rules, in an effort to stamp out corporate tax avoidance. The report addressed concerns from many quarters that global companies have opportunities to “profit shift” from high to low tax […]

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At its simplest, tax planning is just a case of arranging your financial affairs in such a way as to pay as little tax as possible within the law and so not much different from “tax avoidance”. Politicians and the media are struggling to agree exactly what “tax avoidance” is and are starting to use […]

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The courts of most countries have long accepted that taxpayers have the right to arrange their financial affairs in such as manner as to use tax legislation to reduce the amount of tax that is payable by means that are within the law. For centuries the mantra “evasion is illegal but avoidance is not” has been […]

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Tax evasion is the illegal evasion of any type of tax or duty (so it includes smuggling) by individuals, companies, trusts or other corporate entities. Typically evasion occurs when taxpayers deliberately misrepresent the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits […]

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The UK now levies the highest taxes on flying in the world. In less than 20 years the tax (Air Passenger Duty or “APD”) has risen from £5 for flights within Europe and £10 for outside Europe to between £13 and £184 per person depending on distance and class of travel.  In 2011-12, APD raised […]

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If an individual engages in a business (as a sole trader) and makes a profit, that is taxed. If two or more individuals engage in business (as a partnership or limited liability partnership) and make a profit the partnership does not pay tax but the profits flow through to the individuals who pay tax on […]

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The Institute of Directors has welcomed George Osborne’s Autumn Statement as “a tricky job, well done”, as the Chancellor adopted several IoD proposals for the nation’s economic and public policy. The IoD’s original submission to the Chancellor for the Autumn Statement can be found online here. Of the IoD’s proposals, those on infrastructure spending, Capital […]

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The Institute of Directors (IoD) has put forward ten points that it wants the Chancellor to consider for the forthcoming Autumn Statement. The overriding message is that he must stick to fiscal Plan A, whilst ensuring our transport and energy infrastructure and our tax system provide a firm basis for economic recovery. It remains to […]

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As of 1st December 2012 any business which is not established or located in the UK and which sells goods or services to UK customers will have to register and account for UK VAT, regardless of the value of those sales. Previously such businesses were only required to register when the value of the goods […]

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Fracking in the UK is neither new nor intrusive. The picture to the left is of a fracking pump that has been extracting oil and gas daily for over fifty years. It is also situated next to the Royal Society for the Protection of Birds nature reserve at Beckingham, Nottinghamshire. As the UK looks towards […]

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Chinese Walls are an ethical rather than physical barrier between different divisions of a financial (or other) institution to avoid conflict of interest. For example a Chinese Wall is said to exist between the corporate-advisory area and the brokering department of a financial services firm to separate those giving corporate advice on takeovers from those […]

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The first “Austin Mini 7”, the iconic car designed by Sir Alec Issigonis and manufactured by the British Motor Corporation went on sale at a price of £497. It was one of the cheapest saloon cars available and had been designed and introduced in answer to the fuel shortage and petrol rationing caused by the […]

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After three hours of anguished debate, the Soviet Parliament (the Supreme Soviet) voted to suspend all activities of the Communist Party pending an investigation of its role in a coup against President Mikhail Gorbachev. The fate of the party was already sealed before Parliament’s vote. Individual republics had closed Party offices and seized its vast […]

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The Earth Summit 2002 (or to give its official title “The World Summit on Sustainable Development”) was held in Johannesburg, South Africa, from 26 August to 4 September 2002. It was convened by the United Nations to discuss sustainable development and was attended by a number of leaders from business and non-governmental organizations. As it […]

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Richard Milhous Nixon was nominated as the Republican presidential candidate on 8th August 1968 and exactly six years later, 8th August 1972; he announced he was resigning as the 37th President of the United States becoming the only President to resign office. After service in the Navy in World War 2 Nixon entered national politics […]

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Curiosity was launched from Cape Canaveral on 26th November and touched down on Mars earlier today to explore Gale Crater on Mars as part of NASA’s Mars Science Laboratory mission (MSL). The rover, which is the size of a small car, is designed to investigate the Martian climate and geology; assess whether Gale Crater has […]

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The worldwide media is today full of the story that it is exactly 50 years since the Rolling Stones first appeared on stage. In fact it was the very first time they ever played together and I remember it well because I was there – which is more than you can say for most (all?) […]

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Consumers can now access free credit reports showing publicly held information on their borrowings, repayments history and financial relationships with other people without getting tied in to ongoing “insurance” or “advisory” services which come at a fee. Currently Experian and Equifax – the two main credit reference agencies – offer “free” reports but these come […]

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Following on from the success of the recent Liechtenstein Disclosure Facility, which has already resulted in HM Revenue & Customs recovering £363 million in unpaid tax and which is expected to bring in at least ten times that sum over the next five years, the two countries signed a full double taxation agreement (“DTA”) yesterday. […]

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