Tax, trust and legal
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In Tax Case, 4 Days Save Robertson $27 Million
What a difference four days can make.
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Tax amnesty proves a hit among Italians
A recently launched Italian tax amnesty is doing better than expected and could surpass the 100 billion euros ($149 billion) target of repatriated capital, with domestic asset managers likely benefiting from the flood of new funds, several people involved in the issue said.
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UK tax authorities cast net wider for offshore money
The UK tax authorities are upping their efforts to extract money from the wealthy. They are focusing increasingly on closing tax avoidance schemes as they continue to gather information on the country’s wealthiest individuals.
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End of the tax haven vacation
From Aruba to the British Virgin Islands, offshore centres have long been favoured by those wishing to hide their assets. However, in the throes of the financial crisis, world leaders looked for others to share the blame and demanded such centres give up many of the features that attracted assets there in the first place.
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Private banks positive on global recovery
A consensus has developed among chief investment officers and strategists at private banks that the global economy is in a recovery phase, according to a survey conducted by Financial News. However, most agreed the upturn was likely to be weak and bogged down by deep structural problems in developed economies.
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Property boutique aims for first low-tax fund launch
Clavis Walden, a real estate boutique started earlier this year, will be the first to launch a new type of tax-efficient property fund that could draw substantial assets away from the UK’s biggest property funds.
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Despite warnings on Madoff, no thorough SEC probe done
The watchdog of the US Securities and Exchange Commission said yesterday the agency received six warnings about confessed swindler Bernard Madoff's trading business over 16 years, but an inexperienced staff and delays in examinations enabled Madoff to continue his Ponzi scheme for years.
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Britain Urges IMF Funds Rise
The U.K. will increase its funding to the International Monetary Fund and will urge its European neighbors to do the same, Chancellor of the Exchequer Alistair Darling said.
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Income tax ‘tipping point’ sparks exodus from UK
A stream of hedge fund managers and other financial services professionals are quitting the UK, following plans to raise top personal tax rates to 51%.
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More offshore financial centres join OECD white list
The Cayman Islands and the British Virgin Islands have become the latest offshore jurisdictions to be pushed up to the Organisation for Economic Co-operation and Development's so-called white list.
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Brummel
Relocation, relocation, relocation
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
Rich Monitor
Sotheby's 3Q loss widens
Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.
