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News - 19 June 2013

New Tax Register plan to be unveiled

Chancellor George Osborne has pledged to set up a UK register of beneficial ownership to make it clear who was gaining from such arrangements and therefore stop multinationals hiding their profits from the taxman in shadowy offshore "shell" companies.

The chancellor is hoping that other leading industrialised nations would sign up to the idea at the G8 summit.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The UK last week unveiled a deal with its crown dependencies and overseas territories - including the Channel Islands, Gibraltar and Anguilla - to start sharing more information on which foreign companies bank their profits there. About a fifth of offshore tax havens - used by multinationals to shelter cash from the tax authorities - are British dependencies.”

Mr Osborne said that the government would launch a consultation on whether the register should be published or just be available to Her Majesty's Revenue and Customs. He added that the global tax rules should be updated to "make them fit for our century".

He told the BBC that there had been a "step-change" in the way the international community viewed tax avoidance and tax evasion and this would hopefully be brought together in a declaration at the G8 summit in Northern Ireland.
 “We want to make sure that individuals don't use the global financial system to hide their wealth and avoid paying, or evade paying taxes where they should."

"The Three Ts" of Tax, trade and transparency have been placed at the top of the agenda by the UK for its presidency of the G8, which includes the UK, US, Germany, France, Italy, Russia, Canada and Japan.


If you need any help and advice for your business on Corporation Tax or personal tax, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

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

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