Budget shock sparks fears over trusts

Article Abstract:

The Treasury has targeted trusts as a tax avoidance mechanism and from Budget day, life interest trusts carries a 20% tax on entry, 6% charge after every 10 years and 20% on exit and it will impact on 80,000 to 100,000 families and up to 500,000 children. Many accountants believe that this could spell the end of trusts as a popular vehicle for UK residents and the tax profession will appeal and this could end up in the European courts.

Legal issues & crime, Taxes, Taxation, Company legal issue, Investigations, United Kingdom. Treasury, Discretionary trusts

When regulation causes more problems than solutions

Article Abstract:

The arguments regarding the feasibility of regulation of theda for large accountancy practices and the senior management of listed companies, especially those with operations in or extensive trading relationships with the US are discussed. The Act is challenged by human rights organizations on the grounds of its failing to stop passage of illegal money.

United States, Evaluation, Accounting, Accounting law

Brown's tax gap crusade

Article Abstract:

A report on the battle of tax avoidance increasing in 2006 is presented. Investment bankers, accountancy practices and law firms only want to achieve tax gain which has resulted in the number of tax avoidance cases increasing.

Reports