Liechtenstein and Crown Dependencies Disclosure Facilities
The Liechtenstein Disclosure Facility will close at the end of 2015 instead of in April 2016. This is in advance of a new disclosure facility. The existing Crown Dependencies Disclosure Facilities will close at the end of 2015, instead of September 2016, also in advance of a new disclosure facility.
Common Reporting Standard
New legislation will mean that financial intermediaries can be required to notify their UK resident customers with UK or overseas accounts about the Common Reporting Standard, the penalties for evasion and the opportunities to disclose.
Marketed avoidance schemes
New legislation covering several aspects of marketed tax avoidance schemes will be introduced. This includes tougher measures targeting ‘serial avoiders’ who persistently enter into tax avoidance schemes which fail and an increase in the deterrent effect of the General Anti-Abuse Rule (GAAR).
Disclosure of tax avoidance schemes (DOTAS)
The DOTAS rules will be strengthened, notably in respect of inheritance tax. This widens the potential application of advance payment notices.
Anti-money laundering regulations are to apply to digital currency exchanges in the UK.
© Copyright 8 March 2017, subject to Finance Act 2017. For information only.
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