Menu
26/03/2010
Belize To Share Tax Data With UK
Belize has agreed to share tax information with the UK.
The move follows revelations that Tory deputy chairman Lord Ashcroft has non-domicile tax residency in the UK. His main residence is in Belize.
Being a non-dom means the billionaire peers only pay a small amount of tax on his UK earnings, and nothing on his international business interests.
A Tax Information Exchange Agreement (TIEA) with Belize will allow the sharing of tax-related information to OECD (Organisation for Economic Co-operation and Development) standards.
The agreement was signed yesterday by Financial Secretary to The Treasury Stephen Timms and the High Commissioner for Belize in London, Kamela Palma.
Welcoming the signatures, Mr Timms said: "Information exchange is a vital tool in ensuring that governments resource for the essential public services on which we all depend.
"I very much welcome the fact that Belize has joined the growing number of jurisdictions making good on their commitments to apply high standards of transparency and exchange of information in tax matters.
"We are in active negotiations with other jurisdictions that have committed to applying the OECD standards, and expect to sign more agreements soon."
The text will shortly be laid as a schedule to a draft Order in Council for consideration by the House of Commons.
The arrangement will come into effect as soon as each government has completed the necessary procedures to give effect to it under its domestic laws.
(PR/GK)
The move follows revelations that Tory deputy chairman Lord Ashcroft has non-domicile tax residency in the UK. His main residence is in Belize.
Being a non-dom means the billionaire peers only pay a small amount of tax on his UK earnings, and nothing on his international business interests.
A Tax Information Exchange Agreement (TIEA) with Belize will allow the sharing of tax-related information to OECD (Organisation for Economic Co-operation and Development) standards.
The agreement was signed yesterday by Financial Secretary to The Treasury Stephen Timms and the High Commissioner for Belize in London, Kamela Palma.
Welcoming the signatures, Mr Timms said: "Information exchange is a vital tool in ensuring that governments resource for the essential public services on which we all depend.
"I very much welcome the fact that Belize has joined the growing number of jurisdictions making good on their commitments to apply high standards of transparency and exchange of information in tax matters.
"We are in active negotiations with other jurisdictions that have committed to applying the OECD standards, and expect to sign more agreements soon."
The text will shortly be laid as a schedule to a draft Order in Council for consideration by the House of Commons.
The arrangement will come into effect as soon as each government has completed the necessary procedures to give effect to it under its domestic laws.
(PR/GK)
Related UK National News Stories
Click here for the latest headlines.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
30 May 2014
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
06 April 2011
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
18 March 2004
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
30 January 2004
Government hails Child Tax Credit figures
The government has hailed its Child Tax Credit and Working Tax Credit after official figures revealed that six million families had taken up the scheme in the 10 months since their introduction.
Government hails Child Tax Credit figures
The government has hailed its Child Tax Credit and Working Tax Credit after official figures revealed that six million families had taken up the scheme in the 10 months since their introduction.
-
Northern Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
