A lesser-known part of the Foreign Account Tax Compliance Act (FATCA) will prevent US issuers from selling bearer debt to foreign investors from next week, which may hit demand for US bonds in the European market because of the increased compliance requirements for holders to benefit from US withholding tax exemptions.
The Channel Islands are defending their right to the UK’s low value consignment relief (LVCR) at a High Court judicial review this week, but their legal team say that regardless of the outcome, offshore mail-order businesses won’t be moving back to the UK.
The IRS’s latest transfer pricing challenge against offshore drilling company Transocean sets a worrying precedent which could reduce the benefit of entering into advance pricing agreements (APAs).
The UK High Court has ruled that where taxpayers have unlawfully paid VAT to a supplier, they are not entitled to bring claims against HMRC under UK law but may have the opportunity to claim under European law.
