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S18 & EUSD

S18 & EUSD. Background to EUSD. Cross border tax evasion in the EU Threat of EU-wide WHT Exchange of information Some countries impose WHT Knee-jerk reaction What consultation?. Two sets of rules in one report. Rules are confusing – (especially if you deal with QI as well)

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S18 & EUSD

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  1. S18 & EUSD

  2. Background to EUSD • Cross border tax evasion in the EU • Threat of EU-wide WHT • Exchange of information • Some countries impose WHT • Knee-jerk reaction • What consultation?

  3. Two sets of rules in one report • Rules are confusing – (especially if you deal with QI as well) • Unit Trusts/Collectives • PEPs/ISAs/CTFs • Joint accounts • Trusts • What harmonisation could be done?

  4. DOCUMENTATION - EUSD • The language problem • Which number is the TIN? • Reluctance for sending originals • Problems of certification • Why use the term TIN? • Client confusion • Confusion for people in non-EU countries

  5. What do the local tax authorities do with the information? • TIN • Place & date of birth • Costs & Benefits

  6. Audit experience • S18 audit for 2004/5 • Penalties

  7. Tax collected in 6 Months • Switzerland £69m • Jersey £9m • Guernsey £3m Where has all the taxable income gone?

  8. What now? • “The Europeans love it and want to extend the EUSD to equities” • The EU are reviewing the scope of the EUSD • Post implementation review • Revenue simplification • APCIMS initiative

  9. IS ANYONE AWARE OF: • The mandatory requirement for Authorised Investment Funds to pay Distributions Gross to so-called No-Net Liability Taxpayers?

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