The Changes in UK Offshore Taxation Legislation 2018

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Breakfast Briefings

The Changes in UK Offshore Taxation Legislation 2018

Please email yammie@britcham.com for more information

The UK Government is serious about tackling offshore tax evasion. Since 2010 HMRC has secured over £130 billion in additional compliance revenues as a result of actions to tackle tax evasion, tax avoidance, and non-compliance. It has also secured more than £2.5 billion specifically from offshore tax evaders.

The UK is one of the first countries in the world to introduce legislation to charge civil penalties on and publicly name corporates and individuals who take deliberate action to enable others to avoid paying tax, and is also introducing a corporate criminal offence of failing to prevent the facilitation of tax evasion. This will be alongside a new requirement to correct past tax evasion, with tough new penalties being introduced in September 2018.

In October 2014, 45 jurisdictions signed a multilateral competent authority agreement to start an automatic exchange of information using the Common Reporting Standard (CRS) framework from 2017. As of October 2016, in excess of 100 countries have declared that they will commit to implementing the standard, including Hong Kong. Hong Kong financial institutions are to collect information beginning 2017 and report this to the Hong Kong Inland Revenue Department in 2018 to facilitate the commencement of information exchange by the end of the same year. Financial institutions required to report under CRS include banks, custodians, brokers, asset managers, intermediaries, certain collective investment vehicles and certain insurance companies.

Join us at this breakfast seminar to hear more about the implications of inaccurate UK tax reporting and what this means for your assets in Hong Kong and the UK.
 

About the speaker

Mark Taylor joined Buzzacott in 2016 as Head of the Tax Investigations and Dispute Resolution team. Having previously worked for HMRC as a Senior Tax Inspector and accredited Financial Investigator, serving in all of HMRC’s elite investigation offices, Mark has nearly 30 years’ experience in the industry.

Mark is a recognised expert in all contentious tax matters and serves on the Executive Committee of the Institute of Chartered Accountants in England and Wales, Tax Investigation Practitioners Group.  As such, Mark consults and communicates directly with HMRC Policy on its current/future enforcement and compliance work, particularly in connection with HMRC's attack on offshore evaders, thus shaping HMRC’s approach to tackling tax avoidance and evasion. 

 

Laurent Sykes QC has a wide ranging practice which encompasses many areas of the tax code, particularly business and employment tax-related matters and issues affecting private clients. He also advises on tax-related pensions matters and on tax-related commercial disputes.  In the past Laurent qualified as a chartered accountant which provides useful background knowledge in dealing with tax questions with an accounting aspect.  Litigation (usually for the taxpayer and where necessary) is an important part of his work and has taken him to the UK Tax Tribunal, the High Court and the Court of Appeal.

 

ATTENDANCE FEE
ATTENDEE PRICE
Member $ 400.00 HKD
Non-Member $ 470.00 HKD
  • Reservations in advanced are required. Please consider your booking confirmed unless notified otherwise.
  • Business Attire is required by the Hong Kong Club. No jeans or sports shoes.
  • Cancellations must be made in writing 24 hours prior to the event. No shows will be charged.
  • This event is closed to the media.
  • The event will be cancelled if the No.8 Typhoon signal or the Black Rain Storm warning is in force.
  • For further information please email yammie@britcham.com
  • Please make cheques payable to: "The British Chamber of Commerce in Hong Kong" & send it to Room 1201 Emperor Group Centre, 288 Hennessy Road, Hong Kong
Event:

The Changes in UK Offshore Taxation Legislation 2018

Date:
Wed, March 28, 2018
Time:
08:00 AM - 09:15 AM
Speaker:

Mark Taylor, Head of Tax Investigations, Buzzacott

 

Laurent Sykes QC, Gray's Inn Tax Chambers

 

Venue:
Victoria Suite, The Hong Kong Club, 1 Jackson Road, Central. Hosted by Andrew Seaton
Contact Person:
Yammie Yuen
Contact information:
yammie@britcham.com

KNOWLEDGE HUB

  • Changes to the notarial service offered at the British Consulate General Hong Kong, as of April 9th 2018
    09 Apr 2018
  • Spring update 2018 from the consular team at the British Consulate General
    09 Apr 2018
  • Annual General Meeting of The British Chamber of Commerce in Hong Kong 2018
    15 Mar 2018