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Kingsley Napley’s Medical Negligence Team ‘walks together’ with the Dame Vera Lynn Children’s Charity
Sharon Burkill
22 March 2016
What the Budget means for tax avoidance
One of the key themes of the chancellor’s Budget 2016 was the continued commitment to cracking down on all forms of tax evasion, avoidance, aggressive tax planning and non-compliance including “tackling the hidden economy”. Reflecting on the £100bn additional tax revenue secured in the last parliament by HMRC, the chancellor stated that this budget “goes further” introducing a comprehensive package of measures - See more at: http://economia.icaew.com/opinion/march-2016/what-the-budget-means-for-tax-avoidance#sthash.t232TBKu.dpuf
11 February 2016
Public Account Committee hauls Google and HMRC over the coals
There has been considerable media coverage of the tax affairs of multinational corporations, particularly on the conclusion of HMRC’s enquiry into Google. It has been widely reported that Google has agreed to pay £130m in back taxes after an open audit of its accounts by the UK tax authorities and the Public Account Committee (PAC) is scrutinising that outcome closely. Representatives of Google and senior HMRC officials appeared before the committee on 11 February.
3 February 2016
‘The Senior Managers’ Regime: the end of the ‘regulate/de-regulate’ cycle?
In recent times, the regulatory spotlight has been focussed strongly on the UK’s financial industry. The global financial crisis in 2008 not only caused turmoil in the markets and the world economy; it also led to many questions about regulation and accountability. Questions of who was responsible within banks; why did the regulators not step in; and how can such an event be prevented in the future were aired frequently.
This article was first published in the Association of Regulatory & Disciplinary Lawyers Winter 2015/2016 Bulletin, and has been republished with the kind permission of the copyright owner.
3 February 2016
Contracts for difference: FCA issues open letter re compliance with financial crime prevention procedures
Following a review of procedures for taking on new clients in a sample of ten firms that offer Contracts for Difference (CFD products), the FCA issued an open letter - “Dear CEO letter” - identifying several concerns its wishes to highlight across the industry. Clarifying the scope of the review, the FCA specified that Contracts for difference, Spread bets and ‘Rolling Spot’ FX are all designated as a type of ‘CFD’ under the Handbook's Glossary of definitions, which in turn are a type of derivative. Ten firms, of varying sizes, were subject to the review which examined:
1 February 2016
FCA is to consult over whether the head of legal role falls within the Senior Managers’ Regime
The FCA this week acknowledged that there is considerable uncertainty as to whether an individual in charge of a firm’s legal function requires approval under the Senior Managers’ Regime. In order to clarify its position on this, it intends to consult. It has, however, provided reassurance to firms during the consultation process: firms which have sought to make decisions in good faith as to whether or not approval is needed will not need to change their approach, pending the outcome of the consultation.
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