Industry News

The OECD has released its sixth peer-review of the implementation of its base erosion and profit shifting (BEPS) Action 6 minimum standard on treaty shopping.

The First-tier Tax Tribunal (FTT) has quashed a GBP192,000 discovery assessment issued to Rasiah Raveendran (the appellant) in respect of his sale of a property held in his name.

The EU Council of Ministers (the EU Council) has officially adopted a new Directive requiring Member States to legislate for the confiscation of 'unexplained' wealth, where the property is linked to organised crime.

A woman who resigned her membership of a family farming partnership in 2010, without agreeing any financial terms, has won her claim to be paid the value of her share in the partnership assets as at the date that she resigned.

Israel's parliament has approved an amendment to the Income Tax Ordinance, introducing new reporting obligations for new and returning residents and for trusts.

The Superior Court of Justice of Ontario has granted an application for the production of a draft will under section 9 of the Estates Act 1990 (the Estates Act).

Following last November's consultation, the Ministry of Justice has decided to increase most England and Wales court fees by 10 per cent in May 2024.

New record-keeping rules for company management licensees came into full effect at the beginning of April, and now apply to established licensees as well as those licensed after the rules were published in August 2023.

HMRC has issued guidance on trusts and estates measures taking effect from April 2024, including the newly relaxed rules on applying to obtain a 'grant on credit' to pay inheritance tax (IHT). Changes also include the de minimis changes made to the rules for low-income trusts and estates and the basis period reform where a figure for overlap relief is needed.

The Canada Revenue Agency (CRA) has made a last-minute decision to rescind the new rule that trustees of Canadian bare trusts must file a trust return for the 2023 tax year.