Suspended jail sentence for charity director who refused to disclose use of funds Westminster Magistrates Court has given a charity director a suspended ten-week prison sentence for failing to provide information to the Office of Financial Sanctions Implementation (OFSI) contrary to the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019. The UK government has already frozen all the...
Investors’ relief not available where business not ready to supply goods An enterprise investment scheme (EIS) relief claim made by a group of six companies has failed at the First-tier Tax Tribunal (FTT) because the companies concerned had not commenced qualifying trades inside the two-year deadline. The FTT’s criterion for commencement was ‘when the business...
Understanding Adverse Possession in Estate Contexts Adverse possession is a legal doctrine allowing someone to claim ownership of land under certain conditions if they’ve occupied it without permission. In the estate administration landscape, this concept becomes particularly complex, as seen in the High Court case of Nazir v Begum [2023]. This case clarifies the interaction...
A growing concern is emerging among small business owners, as government tax reforms could inadvertently force 15,000 family-run businesses into closure. A recent warning highlights the potentially devastating impact of proposed pension tax changes, particularly those involving Inheritance Tax (IHT) and the treatment of family business assets. Understanding the Pensions Tax Raid At the heart...
The so-called ‘digital challenger bank’ Monzo, which offers personal current accounts through smartphone apps without using a branch network, has been fined GBP21 million for having inadequate anti-financial crime systems and anti-money laundering controls between October 2018 and August 2020. The bank’s customer base had substantially The number of increased during the period, and it...
The England and Wales Family Court has concluded that a trust set up by London property developer Mario Michael was a sham, intended to shield significant assets which should have formed part of the total matrimonial assets to be shared on divorce. It decided that Michael controlled the trust assets at his sole discretion, and...
The Financial Conduct Authority (FCA) has agreed to drop its ban on the sale of crypto exchange-traded notes (cETNs) to retail consumers, provided they are sold on an FCA-approved UK-based investment exchange subject to financial promotion rules. The cETNs, which are debt instruments offering price exposure to crypto-assets such as Bitcoin and Ether, will not...
Jenny Halliwell has been ordered to pay £ 670,000 in indemnity costs to her ex-husband, Simon Entwistle, due to the deliberate non-disclosure of her assets in their financial remedy dispute. Part of the sum is repayment of GBP 75,000 costs awarded against Entwistle by the England and Wales High Court (Helliwell v Entwistle, 2025 EWCA Civ 1071)....
A group of European banks has been ordered not to redeem EUR280 million of on-demand bonds owned by the Russian fertiliser group EuroChem, because the EuroChem companies’ true owner is a Russian national whose assets are frozen under EU sanctions. The bonds are governed by English law, so the case was heard in the England...
Starting from November 2025, the UK government will officially roll out a compulsory ID verification system for company directors, Persons with Significant Control (PSCs), and those filing on behalf of companies. This step is part of the broader reforms outlined in the Economic Crime and Corporate Transparency Act 2023, which aims to enhance corporate transparency and combat fraud....
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Copyright by CareAccountancy. All rights reserved.
