The following Private Client practice note provides comprehensive and up to date legal information covering:
The exchange of information between HMRC and tax authorities in other territories is an essential tool in enabling authorities both to administer and enforce their own taxes, and to tackle avoidance and evasion. The importance of effective exchange of information has increased over the years as international trade barriers have been reduced and capital has become more mobile.
The UK has historically exchanged tax-related information on request or spontaneously, but in recent years there has been a shift towards the automatic exchange of information. The US Foreign Account Tax Compliance Act (FATCA) provided a catalyst by requiring the automatic exchange of information regarding US citizens between foreign (ie non-US) financial institutions and the tax authorities of the US. The US and the G5 countries (the UK, France, Germany, Italy and Spain) developed model Inter-Governmental Agreements (IGAs) to assist countries in complying with the demands of FATCA.
Based on these model IGAs, the OECD developed the global Common Reporting Standard (CRS) for automatic exchange of information.
In parallel with the bilateral IGAs being put in place, the G20 leaders have repeatedly called on all countries to sign up to the OECD's Multilateral Convention, which is a multilateral information exchange instrument providing the legal basis for all possible forms of administrative cooperation between states, including the automatic exchange of information. See Practice Note: The OECD Multilateral Convention on Mutual
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This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
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