ANTI-AVOIDANCE AND COMPLIANCE
Liechtenstein and Crown Dependencies Disclosure
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
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.
18 March 2015