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British Overseas Territories committed to establish publicly available registers of beneficial owners

On 15 July 2020 the UK Minister for the Overseas Territories and Sustainable Development Elisabeth Sugg have submitted a written statement to the UK Parliament informing that eight British Overseas Territories are prepared to establish publicly available registers of beneficial owners of companies until the end of 2023. The abovementioned Overseas Territories which made a

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The Netherlands has introduced beneficial ownership register

The Netherlands has introduced beneficial ownership register

On 23 June, 2020 the Parliament of the Netherlands has adopted a Law №35179 by which the centralized beneficial ownership register is established as required by EU Directive ЕС 2015/849. Some data from the register will be available to the public. The duty to execute and to file beneficial ownership registers with the Trade Register

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UK

Controlled Foreign Companies rules in the United Kingdom

Controlled Foreign Companies (CFC) rules are applicable to entities resident in foreign jurisdictions and controlled by UK residents. In some cases, CFC rules are also applicable to permanent establishments of UK resident companies abroad. Controlling persons As provided by subsection 3 of Section 371AA of Taxation (International and Other Provisions Act) 2010 any person (natural

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Several EU Member States have been warned of non-compliance with 5th Anti-Money Laundering Directive

The report on infringements of different EU acts committed by some Member States has been published on 14 May 2020 in the website of European Commission. Such infringements include non-compliance of national anti-money laundering and combating terrorist financing (AML/TF) legislation of several Member States with the requirements of the EU Directive 2018/843, which is applicable

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United Kingdom: tax residency and domicile of individuals

United Kingdom: tax residency and domicile of individuals

One of the main features of taxation of private individuals in the UK is the specific approach to determination of tax relationship of an individual with the state. The regime of taxation of incomes of individuals who are resident in the UK for tax purposes depends on whether such individuals are domiciled in the UK

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Requirements for SLPs to disclose their beneficial owners

Requirements for SLPs to disclose their beneficial owners

Since Scottish Partnerships (Register of People with Significant Control) Regulations 2017 have come into force on 26 June 2017, Scottish Limited Partnerships (SLP) are required to disclose their people with significant control (PSC). Information about PSC should be delivered to the Companies House within 14 days from 24 July 2017. A PSC is an individual

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PSC information of Scottish Limited Partnerships (LP) will become publicly available

PSC information of Scottish Limited Partnerships (LP) will become publicly available

1. The UK Companies House announced soon extension of information disclosure requirements in respect of “people with significant control” (in fact – beneficial owners) to Scottish Limited Partnerships (SLP). At the moment only companies and limited liability partnerships (LLP) are obliged to disclose information of “people with significant control”. Such information is available to general

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