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News - 16 February 2015

Why are other countries interested in UK tax info?

According to HMRC, 2,466 requests for British tax information were made in 2013 compared to 1,701 in 2012, with the largest number of requests coming from Norway, France and the biggest increase in requests came from Ukraine.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Overall, international interest in UK tax information has increased by 45%, and this is partly down to overseas governments own tax evasion investigations in 2013. The UK, particularly London, attracts many high net worth foreign nationals that come here to live or invest.”

One of the reasons behind the increase in Ukrainian requests is likely to be associated with the country’s political and economic struggle, as well as its new commitment to anti-corruption laws

The rising overseas interest comes as recent agreements made last year that saw 51 countries formally sign up to a Common Reporting Standard (CRS) for automatic exchange of financial account information in tax matters, created by the Organisation for Economic Cooperation and Development (OECD).

Under this agreement financial institutions and brokers are obliged to report information to authorities in their own jurisdictions which will then be passed on to other participating countries automatically. Financial account information covered by the standard includes balances, interest, dividends and sales proceeds from financial assets, and it will apply to accounts held by both individuals and entities, including trusts and foundations.

A new 'African Initiative', led by African members of the OECD, is to operate in order to increase awareness of the merits of tax transparency in Africa.

If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your financial and business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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