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S18 & EUSD S18 & EUSD
Background to EUSDBackground to EUSD
Cross border tax evasion in the EUCross border tax evasion in the EU Threat of EU-wide WHTThreat of EU-wide WHT Exchange of informationExchange of information Some countries impose WHTSome countries impose WHT Knee-jerk reactionKnee-jerk reaction What consultation?What consultation?
Two sets of rules in one Two sets of rules in one reportreport
Rules are confusing – (especially if Rules are confusing – (especially if you deal with QI as well)you deal with QI as well)
Unit Trusts/CollectivesUnit Trusts/Collectives PEPs/ISAs/CTFsPEPs/ISAs/CTFs Joint accountsJoint accounts TrustsTrusts What harmonisation could be done?What harmonisation could be done?
DOCUMENTATION - DOCUMENTATION - EUSDEUSD
The language problemThe language problem Which number is the TIN?Which number is the TIN? Reluctance for sending originalsReluctance for sending originals Problems of certificationProblems of certification Why use the term TIN?Why use the term TIN? Client confusionClient confusion Confusion for people in non-EU Confusion for people in non-EU
countriescountries
What do the local tax What do the local tax authorities do with the authorities do with the
information?information? TIN TIN Place & date of birthPlace & date of birth Costs & BenefitsCosts & Benefits
Audit experienceAudit experience
S18 audit for 2004/5S18 audit for 2004/5 PenaltiesPenalties
Tax collected in 6 Tax collected in 6 MonthsMonths
Switzerland £69m Switzerland £69m Jersey £9mJersey £9m Guernsey £3mGuernsey £3m
Where has all the taxable income Where has all the taxable income gone?gone?
What now?What now?
““The Europeans love it and want to The Europeans love it and want to extend the EUSD to equities”extend the EUSD to equities”
The EU are reviewing the scope of The EU are reviewing the scope of the EUSDthe EUSD
Post implementation reviewPost implementation review Revenue simplificationRevenue simplification APCIMS initiativeAPCIMS initiative
IS ANYONE AWARE OF:IS ANYONE AWARE OF:
The mandatory requirement for The mandatory requirement for Authorised Investment Funds to pay Authorised Investment Funds to pay Distributions Gross to so-called No-Distributions Gross to so-called No-Net Liability Taxpayers?Net Liability Taxpayers?
