United Kingdom: Offshore Banking

Niall Hearty of financial crime specialists Rahman Ravelli assesses revelations about Qatari spending to secure the 2022 World Cup.

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.

Principal Private Residence (PPR) relief is the most significant relief from Capital Gains Tax (CGT) on the sale of interests in property.

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.

Recently we reported on the implications of the Proceeds of Crime Act 2002 ("POCA") and its impact upon the solicitors’ profession in terms of the solicitor’s duty to report their suspicions of criminal activity to the National Criminal Intelligence Service (NCIS). In this article, we examine the provisions of the Money Laundering Regulations 2003 ("the Regulations") and their application to solic

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.