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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

HMRC News

Guidance: Change of address for RZBC (Juxian) Co Ltd (Anti-Dumping Duty 2246)

Mon, Dec 11, 2017

Anti-Dumping Duty is an Import Duty charged in addition to normal Customs Duty and is applied across the whole EU. It is designed to allow the EU to take action against goods that are sold at less than their normal value - that being defined as the price for ‘like goods’ sold in the exporter’s home market. ...

Detailed guide: Overseas pensions: set up your scheme for migrant member relief

Mon, Dec 11, 2017

Updated: There is no legal time limit by which scheme managers of qualifying overseas pension scheme (QOPS) have to tell HM Revenue and Customs that the scheme ceases to be a QOPS.Overview Your members and their employers can claim tax relief on their pension contributions if the member moves to the UK after joining your scheme. This is known as migrant member relief. Your scheme needs to be ...

Corporate report: Commissioners of HM Revenue and Customs in Account with the Isle of Man

Mon, Dec 11, 2017

Updated: This page has been updated to include accounts for the tax year 2016 to 2017, and accounts for previous years have been archived.VAT and other indirect taxes and duties arising in the Isle of Man are collected on behalf of the Manx Government by the Isle of Man Customs & Excise Service, a division of the Isle of Man Treasury Department. Accounts for previous years Accounts for the 20...

Policy paper: Help-to-Save - what it is and who it's for

Mon, Dec 11, 2017

Updated: This paper has been updated to include more detail to reflect current policy.Help-to-Save is a new government-backed saving scheme to support working people on low incomes to build up their savings. Over four years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses. This page explains: what Help-to-Save is who it’s for how it work...

Consultation outcome: Draft legislation: Help-to-Save accounts

Mon, Dec 11, 2017

Updated: Published summary of responses and next steps.In May 2016, the government published a formal consultation document in which it sought views on the principles and framework for implementing the Help-to-Save accounts scheme. The consultation ended on 21 July 2016. The government response to this consultation was published in October 2016. The primary legislation setting out the Help-to-...

Guidance: Offshore funds: list of reporting funds

Mon, Dec 11, 2017

Updated: The list has been updated to include the funds that have entered the Reporting Fund Regime as at 30 November 2017.This is a list of funds that come within the definition of an offshore fund and that have successfully applied to HM Revenue and Customs for reporting fund status. The list is updated on a monthly basis and includes details of the: reporting fund reference previous d...

Guidance: Alcohol and Tobacco Warehousing Declarations: service availability and issues

Mon, Dec 11, 2017

Updated: Planned downtime between 6:00pm on Tuesday 12 December and 12:40am on Wednesday 13 December 2017 added.Latest updates on the availability and any issues affecting the ATWD online service. ...

Guidance: GAAR Advisory Panel opinion of 10 November 2017: employee rewards using gold bullion

Mon, Dec 11, 2017

Use these opinions together with the General Anti-Abuse Rule (GAAR) guidance to help you recognise abusive tax arrangements. The opinions cover: rewards for employees rewards of gold or assets obligation to Employee Benefit Trust taken on by employee They affect Income Tax, National Insurance contributions and Corporation Tax. The GAAR Advisory Panel’s opinion is: entering in...

Guidance: GAAR Advisory Panel opinion of 9 November 2017: employee rewards using gold bullion

Mon, Dec 11, 2017

Use these opinions together with the General Anti-Abuse Rule (GAAR) guidance to help you recognise abusive tax arrangements. The opinions cover: rewards for employees rewards of gold or assets obligations to Employee Benefit Trust taken on by employees They affect Income Tax, National Insurance contributions and amounts chargeable as Corporation Tax. The GAAR Advisory Panel’s opi...

Guidance: GAAR Advisory Panel opinion of 17 November 2017: extraction of cash or equivalent through trust interests

Mon, Dec 11, 2017

Use these opinions together with the General Anti-Abuse Rule (GAAR) guidance to help you recognise abusive tax arrangements. The opinions cover: distributions participator loans participator benefits extraction of cash (or equivalent) from close company through use of trusts and trust interests They affect Income Tax and amounts chargeable as Corporation Tax. The GAAR Advisory ...

ACCA Tax News

The Chartered Institute of Taxation: News

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Reuters: Money

Apple aims to block climate, rights proposals with quick use of SEC guidance

Mon, Dec 11, 2017

BOSTON (Reuters) - Apple Inc is pushing back on shareholder proposals on climate issue and human rights concerns, an effort activists worry could sharply restrict investor rights. ...

Two fund firms make new push for bitcoin ETFs as futures debut

Mon, Dec 11, 2017

(Reuters) - Two fund managers are going back to U.S. securities regulators for permission to launch exchange-traded funds (ETFs) based on bitcoin, filings showed on Monday, after futures contracts... ...

Trump says fines against Wells Fargo could be increased

Fri, Dec 08, 2017

WASHINGTON/NEW YORK (Reuters) - President Donald Trump took aim at the third-largest U.S. bank on Friday, writing on Twitter that government fines and penalties against Wells Fargo & Co could be... ...

SEC to delay mutual fund disclosures in cybersecurity push

Fri, Dec 08, 2017

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Friday it would delay new submissions of portfolio data by mutual funds, as the regulator beefs up its cybersecurity. ...

U.S. tax repatriation plan may not cure long-term dollar weakness

Fri, Dec 08, 2017

NEW YORK (Reuters) - Investors looking for the U.S. Republican tax bill to prompt multinational companies to convert foreign profits into dollars and end the worst slide in the greenback in a decade... ...

City of London sticks to Brexit plans despite progress

Fri, Dec 08, 2017

LONDON (Reuters) - London's financial industry welcomed progress on a divorce deal with the European Union on Friday but said it saw little reason to alter preparations for when Britain leaves the EU. ...

UBS investment bank head wary on 2018 outlook

Fri, Dec 08, 2017

ZURICH (Reuters) - The head of Swiss bank UBS's investment banking business gave a cautious outlook for market conditions next year, with fees set to fall again and volatility staying low. ...

Column: U.S. Republicans sharpen knives for retirement program cuts

Thu, Dec 07, 2017

CHICAGO (Reuters) - Traditionally, U.S. politicians avoid talking about cutting Social Security and Medicare close to election time. ...

Gross warns Fed should be 'more cautious' amid investor bond binge

Thu, Dec 07, 2017

NEW YORK (Reuters) - Influential bond investor Bill Gross of Janus Henderson Investors warned Thursday the Federal Reserve should be "more cautious and easier" in its interest-rate hiking campaign,... ...

Retail disruption is nothing compared to gnarly first jobs

Thu, Dec 07, 2017

NEW YORK (Reuters) - If any industry is in the throes of total disruption right now, it is retail. ...

Reuters: Financial Services and Real Estate

S&P, Dow flat after explosion at New York commuter hub

Mon, Dec 11, 2017

(Reuters) - The S&P 500 and the Dow were flat in early morning trading on Monday after an explosion rocked New York's Port Authority, one of the city's busiest commuter hubs. ...

Hackers hit major ATM network after U.S., Russian bank breaches: report

Mon, Dec 11, 2017

FRANKFURT (Reuters) - A previously undetected group of Russian-language hackers silently stole nearly $10 million from at least 18 mostly U.S. and Russian banks in recent years by targeting interbank transfer systems, a Moscow-based security firm said on Monday. ...

Ford's November China vehicle sales drop 8 percent year-on-year

Mon, Dec 11, 2017

(Reuters) - Ford Motor Co's sales in China fell 8 percent in November from a year ago, following a 5 percent decline in October, the U.S. automaker said on Monday. ...

Newly minted bitcoin futures indicate more modest growth ahead

Mon, Dec 11, 2017

NEW YORK/SYDNEY/LONDON (Reuters) - Newly launched bitcoin futures indicated on Monday that financial markets expect the cryptocurrency to climb further but at a far slower rate than in recent weeks as warnings of a bubble grew. ...

Apple aims to block climate, rights proposals with quick use of SEC guidance

Mon, Dec 11, 2017

BOSTON (Reuters) - Apple Inc is pushing back on shareholder proposals on climate issue and human rights concerns, an effort activists worry could sharply restrict investor rights. ...

UBS leads blockchain data reporting pilot ahead of new EU rules

Mon, Dec 11, 2017

ZURICH/NEW YORK (Reuters) - Financial companies led by Swiss bank UBS are testing a blockchain platform to help them comply with new European Union trade data standards due to come into force next year. ...

Uber's London license appeal to be heard next year

Mon, Dec 11, 2017

LONDON (Reuters) - Uber [UBER.UL] will defend its right to operate in London in court next year after the app was deemed unfit to run a taxi service and stripped of its license in its most important European market. ...

VW sees 4-5 billion euros in outflows in 2018 due to dieselgate

Mon, Dec 11, 2017

WOLFSBURG, Germany (Reuters) - Volkswagen expects cash outflows of 4-5 billion euros ($4.7-5.9 billion) next year in relation to the dieselgate emissions cheating scandal, the carmaker's Chief Financial Officer Frank Witter told journalists on Monday. ...

WTO losing focus, must rethink development: U.S. trade chief

Mon, Dec 11, 2017

BUENOS AIRES (Reuters) - U.S. President Donald Trump's trade chief said on Monday that the World Trade Organization is losing its focus on trade negotiations in favor of litigation and needed to rethink how it defines developing economies. ...

Japan's SMBC Nikko poised to poach bankers in push for U.S. growth

Mon, Dec 11, 2017

TOKYO (Reuters) - Sumitomo Mitsui Financial Group Inc's brokerage unit is ready to poach bankers to expand its U.S. investment banking arm and could even buy small firms if the right target comes up, its chief executive said. ...