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Daily Tax Quote

New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
29/07 New Lowtax Editor Column, by Kitty Miv
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
19/07 Expats Turn Backs On US Taxes, Tax-News.com
16/07 Congress Approves US Financial Reform Bill, Tax-News.com
15/07 New Lowtax Editor Column, by Kitty Miv
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax-News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
09/07 Antigua Pursuing Trade Sanctions Against US, Tax-News.com
08/07 New Lowtax Editor Column, by Kitty Miv
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
05/07 Australian Mining Tax Agreement Reached, Tax-News.com
02/07 Online Trading For Expats, Investors Offshore special feature
29/06 EC To Extend Common System Of VAT, Tax-News.com
28/06 Lowtax Dubai, annual update
25/06 Jersey Considers Tax Future, Tax-News.com
22/06 VAT Hiked In UK Emergency Budget, Tax-News.com
21/06 Steady Progress In TPP Negotiations, Tax-News.com
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
14/06 Ethical Moonshine, Penelope Wise blog entry
11/06 Germany Purchases Stolen Tax Data Disc, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
07/06 G-20 Shelves Global Bank Tax, Tax-News.com
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
31/05 OECD And EU Strengthen Tax Cooperation, Tax-News.com
28/05 Lowtax Guernsey, annual update
25/05 Lowtax Jersey, annual update
24/05 Lithuania Summary PBTG Guide, added to Personal Business Tax Guide
21/05 Lowtax Liechtenstein, annual update
18/05 Latvia Summary PBTG Guide, added to Personal Business Tax Guide
17/05 Offshore And The Euro, Jeremy Hetherington-Gore blog entry
14/05 IO Focus: Barbados, Investors Offshore special feature
03/03 Personal Business Tax Guide, PBTG, has launched!
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.
 

 
Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor. Sponsored by HSBC Bank International.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
 
Trial Threatens Hands's Guernsey Tax Residence

by Robert Lee, Tax-News.com, London Thursday, February 11, 2010

Private equity tycoon, Guy Hands has filed papers with the Southern District Court of New York in an attempt to prevent a court case between his Terra Firma private equity firm and Citigroup being transferred to London, arguing that the move could jeopardize his status as a Guernsey resident for tax purposes.

The case surrounds financial advice provided to Terra Firma by Citigroup in the lead up to the 2007 acquisition of entertainment group EMI. Hands alleges that Citigroup withheld information pertaining to other bids, inflating the price paid for EMI to GBP4.2bn, of which GBP2.6bn was debt, financed by Citigroup. It emerged last week that EMI reported losses of GBP1.75bn last year, and will likely need to be financially propped up by Terra Firma.

Despite Citigroup being headquartered in New York - where Hands’s complaint was filed - the firm has applied for the location of the court case to be changed to London, where the acquisition was completed – reportedly to mitigate the size of any potential restitution payment.

Objecting, Hands has stated that holding the court case in the UK would necessitate him spending significant time in London, which could jeopardize his tax status, potentially making him liable to UK tax. Should HM Revenue and Customs deem him again tax resident, Hands claims he could be subject to a claim for personal income tax and capital gains tax.

In his submission to the court, Hands emphasized that he had not stepped foot in the UK since he announced his move to Guernsey in early-May 2009, and underscored that it was necessary to remain outside the UK for a period of around three years.

Hands, who has on occasion spoken out against the UK’s tax system, detailed in the court deposition that despite having his immediate family located in the South of the UK, in Kent, family visits must take place in Guernsey, to avoid the possibility of triggering an HMRC investigation.

UK case law has in recent years seemed to favour HMRC's ever-widening interpretation of UK domicile - notably HMRC v Hankinson, and HMRC v Grace - and British expats now have to ensure that they more or less sever all ties with the UK in order to escape the UK tax net.

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