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Acumum – Legal & Advisory

Uncategorized

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29Mar

New UK Tax Advisers Legislation

29 March 2017 Acumum Legal & Advisory Uncategorized 19

England; December 2016 saw the inauguration of new rules targeting UK tax advisers.

The FA 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016 (“the Legislation”)  by Her Majesty’s Treasury; the initial plans for the Legislation were announced in the UK Budget 2015 and sets out the civil penalties for tax advisers who have had any part in enabling non-compliance and/or offshore tax evasion.

The Legislation is the first of its kind in the United Kingdom targeting tax advisers and is expected to have a severe impact on the use of artificial tax schemes, by increasing the taboo surrounding tax evasion by targeting those who are considered to encourage or facilitate tax evasion in any way.

“Enabler” is defined by the Legislation itself as “a person [who] has enabled another person to carry out offshore tax evasion or non-compliance where the person has encouraged, assisted or otherwise facilitated conduct by the other person that constitutes offshore tax evasion on non-compliance”.

The penalties shall apply to any individual or corporate that advises on tax planning – ranging from simple advisory services all the way to the physical movement of funds offshore, which enable the evasion of Income Tax, Capital Gains Tax or Inheritance Tax. Individuals and corporates found guilty  may be liable for any part or all of the tax evaded; the minimum penalty faced will be £3,000.

The deadline of 30th September 2018, which aims to increase the number of voluntary disclosures, has been set for the correction of any incomplete UK tax filings,. Failing to correct these tax filings by this date will mean the application of harsher and stricter penalties on the offending parties.

Tax evasion has been described by Jane Ellison, Financial Secretary to the Treasury, as “a crime [which] as a government, we have led reform of the international tax system to root it out”.

Tackling tax evasion has seen Her Majesty’s Revenue and Customs secure more than £130 billion since 2010.

More Information:

Financial Services, Insurance, Funds, Malta Trading Companies & Holding Companies, Highly Qualified Persons Programme

Malta Citizenship & Residency

About Acumum – Legal & Advisory

Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax, fiduciary and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and family office clientèle.

 

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08Feb

Geraldine Noel – Citywealth Powerwomen Award for 4th Year Running

8 February 2017 Acumum Legal & Advisory Uncategorized 17

Geraldine Noel, Managing Partner of one of Malta’s leading legal, tax, fiduciary and accounting set of firms Acumum, has been honoured with a Citywealth Power Woman Award for a fourth consecutive year; a prestigious award that speaks volumes for Geraldine’s status as one of Europe’s finest lawyers and an influential figure in the world of law and finance.

What is the Citywealth Power Woman Awards?

citywealth award 2013The Citywealth Power Woman Awards comprises of a list of the top two-hundred most powerful women in the world of government, philanthropy, private wealth, education and private client advisory spheres, building a comprehensive database of inspirational role models for women across the globe.

Geraldine has commented, “I’m honoured to have been included in this list for the fourth consecutive year, accompanied by so many progressive and influential women.”

Citywealth’s Power Woman is defined as charismatic, results-oriented and kind, acting always with integrity and striving for excellence in every area of their work.

Acumum tailors its services to each individual and guarantees a superb client experience for all. It is this commitment to outstanding services, provided by seasoned professionals, that has catapulted Geraldine into the spotlight and made Acumum one of the go-to legal services providers in the country.

With Geraldine leading the way as Managing Partner, Acumum has also been honoured on the awards circuit over recent years, in 2015 picking up one of Malta’s Best-In-Business Awards in the Best Law Firm category.

Geraldine adds, “This last year has been a fantastic one not only for having been included on Citywealth’s Power Women Top 200, but it’s also been a fantastic year for Acumum as a firm. I’ll continue to strive for increasing business and accomplishment over the coming times, in my professional undertakings with Acumum, and as a ‘Power Woman”.

Acumum’s expertise includes:

  • Financial Services
  • Insurance, Funds
  • Malta Trading Companies
  • Holding Companies
  • Malta Citizenship & Residency
  • Private Wealth Management – Trusts, Foundations & Family Trust Companies

About Acumum – Legal & Advisory

Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax, fiduciary and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and clientèle.

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01Aug

Fantasy Sports Exemption from Gaming Legislation

1 August 2016 Acumum Legal & Advisory Uncategorized 15

Fantasy Sports Exemption from Gaming Legislation

Contrary to the current status in the USA, pursuant to Legal Notice 271 of 2016 ‘Fantasy Fantasy SportsSports (Exemption) Regulations, 2016′, it has been legislated in Malta that fantasy sports do not require licensing with the Malta Lotteries and Gaming Authority (LGA).

This provides comfort and clear guidance to operators in Malta of fantasy sports games and companies.

The legislation defines “Fantasy Sports” and, or “Fantasy Sports Game” as ‘a contest played for money or money’s worth whereby the winning outcome is determined predominantly through the skill or knowledge of the player, and where the results are determined by the accumulation of statistical results of the performance of a number of individuals in sporting events, but shall not include the forecast of the score, point spread or any other future occurrence of one or multiple events, and for the avoidance of doubt, the definition of a “bet”.

In the USA, fantasy sports have sat on a precipice and dividing line as to whether they are in effect gaming and although legal, are strictly defined and regulated by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), which specifically exempts fantasy sports games as considers them skill games.

The passing of the Maltese legislation is excellent news for operators of fantasy games and the Maltese non-gaming industry.

Acumum – experts in Intellectual Property & Gaming

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30Jun

Acumum Sponsors STEP Global Conference

30 June 2016 Acumum Legal & Advisory Uncategorized 16

Acumum is very honoured to be able to sponsor the STEP Global Conference, being held in Amsterdam between 30th June – 1st July.

STEP – Society of Trusts & Estates Practitioners – is the leading practitioner organisation in the fields of trusts, foundations, estates, family office and wealth planning.

Acumum’s Managing Partner, Geraldine Noel, will be attending the conference and welcomes the opportunity to meet other practitioners and service providers in these fields.  Please feel free to contact Geraldine Noel – [email protected]

About Acumum – Legal & Advisory

Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and family office clientèle.

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