The UK Supreme Court reaffirmed the general principle of testamentary freedom in unanimously setting aside a Court of Appeal decision to award an estranged daughter about a third of her late mother’s £486,000 estate, which had all been explicitly left to three animal charities. In Ilott v The Blue Cross and others 2017 UKSC 17,…
UBS is set to stand trial in France for allegedly assisting clients to evade taxes in France after negotiations between the Swiss bank group and the French prosecutor broke down over the size of the proposed €1.1 billion fine. No date has been set for the trial. UBS is accused of illicitly soliciting clients on…
The Conseil Constitutionnel ruled that the uncapped 12.5% (5% prior to 8 December 2013) penalty on trust assets provided for under Article 1736 IV bis of the French tax code for each failure to comply with trust reporting obligations was disproportionate and therefore unconstitutional. The decision takes effect as of the date of publication, which…
The Ministry of Financial Services, Commerce and Environment introduced 11 bills into the Legislative Assembly to strengthen Cayman’s regulatory framework, provide for new financial services vehicles and improve the business environment. A number of these bills are in preparation for the Caribbean Financial Action Task Force’s (CFATF) evaluation of Cayman’s Anti Money-Laundering/Counter-Financing of Terrorism (AML/CFT)…
The Swiss parliament approved an exemption from withholding tax for some intragroup interest payments. The amended regulations, which are intended to encourage multinational groups established in Switzerland to carry out targeted financing activities in Switzerland rather than abroad, will enter into force 1 April. Under the existing system, a Swiss withholding tax of 35% is…
8 March 17, the UK government announced a 25% overseas transfer charge on certain transfers from a UK-registered pension scheme to a qualifying recognised overseas pension scheme (QROPS) and transfers of UK tax-relieved funds to a QROPS made on or after 9 March. The charge will not apply where the member is resident in the…
2 March 2017, US law enforcement officials searched the headquarters of heavy machine manufacturer Caterpillar and two other facilities as part of a tax investigation linked to the firm’s Swiss parts subsidiary, Caterpillar SARL, in Geneva. In a 2014 report the US Senate permanent subcommittee on investigations said that Caterpillar had adopted “a tax strategy…
Switzerland’s Federal Department of Finance (FDF) announced it had begun work on a new corporate tax reform proposal, which it has named “Tax Proposal 17”. The move followed the rejection of its Corporate Tax Reform III proposal by popular referendum in February. The aim of the corporate tax reform proposal is to replace Switzerland’s existing…
The UK Ministry of Justice confirmed that it is to proceed, following a consultation, with government proposals to reform the fee payable for an application for a grant of probate. The regime will move, as of 1 May, from a flat fee to a banded structure where the fees increase in line with the value…
The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act, which will increase disclosure obligations for NZ resident trustees of NZ foreign trusts, received Royal Assent and was brought into force. Approved by Parliament on 14 February, the law further provides for New Zealand’s participation in the G20/OECD Common Reporting Standard for automatic international…
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