CRS & Transparency

The UK first introduced the Disclosure of Tax Avoidance Schemes (DOTAS) in 2004. The legislation was one of the first that dealt with transparency and disclosure. Due to the continuous introduction of the Organization for Economic Cooperation and Development (OECD) Common Reporting Standards (CRS), the label, No Safe Havens, first introduced by UK’s HMRC publication in […]


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Companies Obligated to Present Register Containing “Persons with Significant Control”

Recent amendments made to company legislation have subjected UK companies and those having interest in UK companies, to new requirements. According to the new obligations, UK companies are currently obligated to present register with Persons with Significant Control (PSC). The register is required to include the complete details of UK companies’ beneficial owners. The PSC […]


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NEW STATUTORY FRAMEWORK FOR CORPORATE ACCOUNTABILITY AND TRANSPARENCY – UK

In accordance with the implementation plan the ‘UK implementation of the G20 High Level Principles on Beneficial Ownership Transparency’ the UK has taken active measures to improve corporate transparency and accountability. On the 26th of March 2015 the Small Business, Enterprise and Employment Act 2015 (hereinafter “the Act”) came into effect introducing wide ranging changes […]


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MPs Caution that UK shell Company Legislation will be easy to Evade

MPs warn that the new legislation enforced striving to uplift the secrecy surrounding the ownership of companies can be easily avoided by criminals. A part of the Small Business Bill is currently being discussed in the House of Commons regarding the exposure of shareholders who own and run businesses, by revealing their names by using […]


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UK delegation promotes beneficial ownership registry

A U.K government delegation paid a visit to the Cayman Islands last week for purposes of promoting the virtues of a public central register owners of companies and other entities. The UK Minister for financial services, Wayne Panton , confirmed that a delegation from the U.K , which comprised representatives of the Treasury, Customs, the […]


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UK applies pressure to Overseas Territories

The UK Prime Minister is adding pressure to the leaders of overseas territories to make public their planned registers of company owners domiciled in their jurisdictions. Even though Mark Simmonds, The FCO’s Overseas Territories minister said when he visited Cayman at the end of last year that it was a matter for local government to […]


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UK Announces Tougher Penalties for Offshore Evaders

Strict new rules proposed this week could see UK criminal convictions handed down to those with undeclared income offshore, even if the HMRC (HM Revenue and Customs) is not in a position to prove a tax evasion intention. In future, HMRC would only be required to demonstrate that the income was taxable and undeclared, rather […]


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UK Son of FATCA Regulations in Force

The UK Government has undertaken the online publishing of the final, adopted version of The International Tax Compliance (Crown Dependencies and Gibraltar ) Regulations 2014, which came into force on 31st March 2014, to enforce the expanded tax information exchange agreements signed between UK and Jersey, Guernsey, the Isle of Man, and Gibraltar for purposes […]


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UK’s Doors Remain Open to New Arrivals

Official figures indicate that the net long-term migration to the UK rose by 58,000 in the year ending September 2013, despite a Conservative Party pledge to cut admittance. 40,000 more EU citizens arrived to work in Britain than in the previous years. However, there was also a significant decrease in non EU immigration, down to […]


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