First-Tier Tax Tribunal held that third party notices have extra-territorial effect

By Dominic Stuttaford (UK), Andrew Reeves (UK) & Lorenza Cocco (UK) on July 1, 2019

The First-Tier Tax Tribunal (FTT) has recently held that HMRC can issue third party information notices to non-UK residents under paragraph 2 of Schedule 36 to the Finance Act 2008 (Schedule 36). The FTT in Mr and Mrs PQ v HMRC[1] held that the residency status of individuals will not in itself determine HMRC’s ability to issue third party notices if there is a “sufficient connection” between the required information and its intended recipient.…

Financial services: Regulation tomorrow

HMRC information notice held to have extraterritorial effect

By Dominic Stuttaford (UK) & Andrew Reeves (UK) on May 9, 2019

In the recent case of Jimenez, the Court of Appeal held that HMRC has the power to send an information notice to a UK national and former UK resident who was at the time of sending the notice living in Dubai. This is part of a recent trend for English courts to support UK authorities’ assertion of extraterritorial information-gathering powers by applying a purposive and contextual interpretation to legislation granting those powers. Case background HMRC…

Financial services: Regulation tomorrow

HMRC final Guidance on Criminal Finances Act

By Sam Eastwood (UK), James Thomas (UK), Angela Savin (UK), Dominic Stuttaford (UK) & Kaleem Khan (UK) on September 8, 2017

The UK Government has published the final guidance on the new corporate offences of Failure to Prevent the Criminal Facilitation of Tax Evasion, contained in Part 3 of the Criminal Finances Act 2017, which will come into force on 30 September 2017. The Guidance is different from the draft guidance that was published in 2016, and these changes are visible in this comparison document. Notably there is a new example of the offence involving…

Financial services: Regulation tomorrow

UK ILS framework moves ahead

By David Shearer (UK), Nicholas Berry (UK) & Dominic Stuttaford (UK) on November 24, 2016

HM Treasury has now published a formal consultation on legislation to implement a new regulatory, corporate and tax framework for insurance linked securities (“ILS”) business in the UK. This latest consultation follows the March 2016 initial consultation which sought feedback on the overall approach that the UK should take to develop a more competitive market for alternative risk transfer (see our blog post UK embraces ILS structures on 4 March 2016). The regime is expected…

Financial services: Regulation tomorrow

UK embraces ILS structures

By David Shearer (UK), Nicholas Berry (UK) & Dominic Stuttaford (UK) on March 4, 2016

HM Treasury has now published a formal consultation in relation a new regulatory, corporate, insolvency and tax framework for insurance linked securities (“ILS”) business in the UK. The Government’s aim is to reinforce London’s standing as the world’s leading insurance market by creating the necessary legal environment to allow the domicile of ILS issuers in the UK. Part of the proposal is to create protected cell companies (“PCCs”), which would be one of the more…

Dominic Stuttaford (UK)

First-Tier Tax Tribunal held that third party notices have extra-territorial effect

HMRC information notice held to have extraterritorial effect

HMRC final Guidance on Criminal Finances Act

UK ILS framework moves ahead

UK embraces ILS structures

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