Financial institutions, other taxpayers and practitioners have until September 6 to respond to a HM Revenue & Customs (HMRC) discussion draft on the implementation of exchange of tax information agreements between the UK and its Crown Dependencies and Overseas Territories with financial centres, which the UK government believes will set a new standard in international tax transparency.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap