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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Hassans

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European Lawyer Reference Series

November 2012 - Corporate & Commercial. Legal Developments by Hassans.

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1st Edition – Gaming Law – Gibraltar law contribution by Hassans’ Partners

TAX APP

November 2012 - Tax & Private Client. Legal Developments by Hassans.

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Hassans International Law Firm have launched their first ever Gibraltar law firm Tax App, an innovation for law firms and unique in Gibraltar. The creation of the Tax App, launched today is available to download free from the App Store.

International Tax Planning Association Journal – Madrid 19-20 March 2012 – Vol XII Number 3

September 2012 - Tax & Private Client. Legal Developments by Hassans.

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When we talk about Gibraltar and the EU perspective, we really are talking about a defining element of what has been driving Gibraltar over the last twenty-five or thirty years. Our membership of the European Union is not something that has been incidental and has not had a dramatic impact on Gibraltar; it has been very important in the direction that Gibraltar has taken over that period of time. Gibraltar - as you know - is attached to Southern Spain. Gibraltar and its position in the European Union is quite a fascinating study and a fascinating situation to explain.

Gibraltar equipped to assist as Swiss fund laws are tightened

September 2012 - Corporate & Commercial. Legal Developments by Hassans.

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In our second instalment for Gibraltar Magazine's series on Gibraltar's fund industry we focus on the role of the Board of Directors of Gibraltar Experienced Investor Funds (EIFs).

Funds: The Board of Directors

September 2012 - Finance. Legal Developments by Hassans.

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When we talk about Gibraltar and the EU perspective, we really are talking about a defining element of what has been driving Gibraltar over the last twenty-five or thirty years. Our membership of the European Union is not something that has been incidental and has not had a dramatic impact on Gibraltar; it has been very important in the direction that Gibraltar has taken over that period of time. Gibraltar - as you know - is attached to Southern Spain. Gibraltar and its position in the European Union is quite a fascinating study and a fascinating situation to explain.

Gibraltar Relocation – enjoy the benefits of a new lifestyle

September 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Gibraltar is an appealing jurisdiction for individuals who wish to enjoy a Mediterranean life style. As a British Overseas Territory, Gibraltar’s culture also has strong elements of UK culture. Gibraltar’s own laws are based on English laws and businesses and education are carried out in accordance with English practice.

Gibraltar’s position in the global funds arena

August 2012 - Finance. Legal Developments by Hassans.

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To begin Gibraltar Magazine’s series of articles on Gibraltar’s fund industry, we thought it would be fitting to start with an examination of Gibraltar’s current position as a fund domicile within the global funds arena. In fact, it’s an important topic in light of the on-going changes to the global legislative framework governing funds and fund management.

Financial Services Commission to establish new Funds Panel

August 2012 - Finance. Legal Developments by Hassans.

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At the end of June, the Financial Services Commission announced the creation of a Funds Panel comprising members from all the various elements of the funds industry in Gibraltar.

Is taking your clients to the Olympics an act of bribery?

August 2012 - Crime. Legal Developments by Hassans.

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An event the size of the Olympics will always court some controversy as it gets underway, but few were expecting that empty seats would be top of the list. However, as the Games got started and the television pictures showed thousands of empty seats, so the recriminations began.

REVIEW: A Guide to Insurance: Combining Governance, Compliance and Regulation by Nigel Feetham

July 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Insurance is part of the DNA of capitalism and it is hard to imagine that anything happened before it.

Private Equity

May 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Richard is a Managing Director in Deloitte’s Middle East Transaction & Restructuring Services practice. Though based in Dubai since 2008 Richard has responsibility not only for UAE but also for all GCC and other Middle Eastern countries.

It’s good but it’s not quite right – The OECD and the UK Bribery Act

May 2012 - Crime. Legal Developments by Hassans.

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On 30th March 2012, the Organisation for Economic Co-operation & Development (‘OECD’) released its report evaluating the UK Bribery Act 2010 (‘the Act’) and its enforcement of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (‘the Convention’).

Justice So Requiring: The Emergence and Development of a Legal System in Gibraltar

May 2012 - Corporate & Commercial. Legal Developments by Hassans.

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A series of recent events led you to wanting to uncover the history and development of the legal system locally. Have you been surprised at the far reaches of our history in this area taking into account the first civil court was set up as early as 1720?

Company Formations - Gibraltar

April 2012 - Corporate & Commercial. Legal Developments by Hassans.

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What is the process of company formation in Gibraltar? 

What rules do companies in Gibraltar follow in respect to businesses operating once Incorporated?

How the UK Bribery Act Affects Overseas Corporates and Individuals

February 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Article by Scott Simmons, Associate, and Tito Garro, Barrister

Several legal experts and academics are referring to the UK Bribery Act 2010 as the US Foreign Corrupt Practices Act “on steroids”. The Bribery Act (‘the Act’) was introduced on the 1st July 2011 and since then it has been causing shockwaves in the legal and corporate world. 

Gibraltar – Regulatory changes

February 2012 - Finance. Legal Developments by Hassans.

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After nearly seven years, Gibraltar’s Experienced Investor Fund regime is being updated and modernised in a continuation of the partnership between the industry, the Financial Services Commission (the FSC or Regulator) and the Government of Gibraltar.

Update of fund legislation brings UCITS IV to Gibraltar

February 2012 - Finance. Legal Developments by Hassans.

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Anthony Jimenez, fund lawyer at Hassans Law Firm, reports on behalf of GFIA to review the recently enacted Financial Services (Collective Investment Schemes) Act 2011 (CIS Act 2011) and its key provisions with regards to the UCITS IV regime.

So… what’s with Gibraltar?

January 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Standing strong as one of the Pillars of Hercules, Gibraltar is a small British Overseas Territory located at the southern tip of Spain. Gibraltar is a touristic hub for day-trippers and cruise liner passengers and, yes, its famous apes continue to make the Rock their home: but Gibraltar is also fast becoming a powerful force in international business.

Different Methods of Returning Profits to Shareholders

January 2012 - Finance. Legal Developments by Hassans.

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Article by Gemma Arias, Associate

Pursuant to the Gibraltar Companies Act, there are numerous mechanisms through which the shareholders of a private company can extract cash from the company’s balance sheet other than by way of dividend without having to resort to the Gibraltar courts. 

Shadow and De Facto Directors

January 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Article by Richard Buttigieg, Partner and Danielle Vila, Associate

Shadow Directors & De Facto Directors under Gibraltar Law

There may be some doubt as to whether the concept of shadow director exists in Gibraltar Law, especially as the term shadow director is not used at all in the Gibraltar Companies Act.

Why Gibraltar is the place for you and your business?

January 2012 - Corporate & Commercial. Legal Developments by Hassans.

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Article by Peter Montegriffo, Partner, Mark Henrich, Senior Associate and Scott Simmons, Associate

Relocating to Gibraltar There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian Peninsula, “the Rock” enjoys a temperate Mediterranean climate with mild winters and warm summers. The accessibility of nearby historical and cultural Andalucía in Spain, coupled with its spectacular scenery and wildlife, makes Gibraltar a popular destination. 

Shareholder Disputes

December 2011 - Corporate & Commercial. Legal Developments by Hassans.

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Disputes between shareholders arise for a number of reasons. One of the most common reasons is where a previously good relationship turns sour. There may be a dissident shareholder who refuses to co-operate in the running of the business and who hampers the decision – making process.

Directors Duties

November 2011 - Corporate & Commercial. Legal Developments by Hassans.

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Article by Richard Buttigieg, partner and Ian Felice, partner

Directors owe a fiduciary duty to the company of which they are a director. In addition, a director also owes a duty of skill and care to the company. These duties were originally laid down at common law, although now in the UK many of them have been codified in the Companies Act 2006. However, in Gibraltar they continue to be defined by common law (i.e. by case law and precedent).

When is a loan not a loan?

November 2011 - Finance. Legal Developments by Hassans.

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Article by Scott Simmons, Associate

The recent UK case of MJP Media Services Ltd v HMRC has highlighted the importance of ensuring that payments claiming to be loans must be made directly to the debtor for them to use as necessary and that, if challenged, taxpayers must retain and be able to produce sufficient evidence to support its case.

Have financial advisers been let off the hook because of the financial crisis?

November 2011 - Litigation & Dispute Resolution. Legal Developments by Hassans.

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Article by Scott Simmons, Associate

Case law in the UK tells us of the importance of the duty to take reasonable care and that, if you suffer loss as a result of another party’s negligence, you can recover that loss. However, the recent case of Rubenstein v HSBC Bank has again highlighted that the loss suffered must be foreseeable if it is to be recovered.

A warning to all directors Is the new Insolvency Act relevant to me?

October 2011 - Corporate & Commercial. Legal Developments by Hassans.

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The 5th September 2011 saw the dawn of a new era for insolvency practitioners in Gibraltar. Much awaited legislation in the field of insolvency was finally passed and a new regime for both personal and corporate insolvency has been put in place.

Business Braced For Sales Tax Chaos In BC

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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British Columbia's decision to scrap the harmonized sales tax (HST) system has provoked a mixed reaction from the business community, but opinion is largely unanimous that businesses and the government alike must think about making the transition back to the provincial and general sales tax regime as smooth as possible.

Italy, Spain Will Avoid Bailout, Says Rehn

September 2011 - EU & Competition. Legal Developments by Hassans.

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EU Economic Affairs Commissioner Olli Rehn has sought to assuage concerns that Spain and Italy will require an EU-funded bailout, stating that the countries' economic fundamentals are secure.

Spain Cuts VAT On New Houses

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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In an effort to revive the country's stagnant housing market and support the construction industry, the Spanish government has announced that it will reduce the rate at which sales tax is applied to the sale of new housing.

Germany, France Back EU Economic Government

September 2011 - EU & Competition. Legal Developments by Hassans.

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Determined to regain market confidence and to rescue a failing eurozone from the brink, Germany and France have called for a common European 'economic government' to be established, spearheaded by an appointed leader, and for the fiscal and economic policies of eurozone member states to be dovetailed in order to strengthen the euro as a common currency.

James Hardie Wins Large Back Tax Appeal

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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James Hardie Industries has successfully appealed against a huge tax bill handed out by the Australian Tax Office (ATO) in relation to a corporate restructuring which took place over a decade ago.

Lee Stresses Importance Of KORUS FTA

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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In a radio and internet address, South Korea's President Lee Myung-bak has emphasized the importance of the global market for the country and, within that context, the government's core strategy of securing free trade agreements (FTAs).

France Snubs Swiss Tax 'Deal'

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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France has, for the time being at least, reportedly ruled out the idea of concluding a bilateral tax deal with Switzerland, aimed at resolving the ongoing issue of tax evasion, following recent advances from and talks with the Confederation.

IRS Fixes Date Of Contractors Tax Hearing

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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The United States Internal Revenue Service (IRS) has announced that a hearing will be held on September 12 to consult on the proposed introduction of the 3% contractors' withholding tax, which could come into force on January 1, 2013.

Tobin Tax Is 'Economic Suicide' UK Business Warns

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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Plans for a European financial transactions tax have been slammed as reckless, unlikely to raise significant revenues and economic suicide by members of the UK's business community.

US Taxpayers May Credit UK Non-Dom Levy

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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The Internal Revenue Service (IRS) has decided that US taxpayers resident in the UK can now offset the UK non-dom levy against their US tax bill.

Switzerland Plans EUR2bn Business Support Package

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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Determined to mitigate the effects of the rapid rise of the Swiss franc, to support the Swiss economy and to strengthen Switzerland as an industrial centre, the Swiss Federal Council recently announced plans to swiftly introduce a CHF2bn (EUR1.8bn) package of measures targeting affected businesses.

Noonan Outlines Ireland's Stance On Euro Taxes

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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Ireland's corporate tax rate is safe and will not be hit by French and German plans to harmonize their levies as part of a pact to save the eurozone, Finance Minister Michael Noonan has said.

Italy Debates More Budgetary Options

September 2011 - Tax & Private Client. Legal Developments by Hassans.

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With the Italian parliament being called back from holiday to consider the draft decree containing the anti-crisis budget measures which the government has put forward to accelerate the balancing of the country's budget, other policies are already being touted to replace its more contentious elements.

Gibraltar IP structuring opportunities

September 2011 - Intellectual Property. Legal Developments by Hassans.

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The new Income Tax Act (“the Act”), which came into force on 1st January 2011, introduces a new corporate tax rate of 10% and various other changes to the taxation regime in Gibraltar.

Australia To Improve Fund Manager Tax Regime

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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The Australian government is promoting Australia's fund managers and financial expertise to overseas investors by releasing draft tax legislation that will bring Australia's investment manager regime more closely in line with other financial services centres.

Sweden Suspends Income Tax Cuts

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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In a joint press conference Swedish Prime Minister Fredrik Reinfeldt and Finance Minister Anders Borg have announced that planned tax cuts will be put on ice due to the uncertainty surrounding the eurozone.

Germany, Liechtenstein Edge Closer To Tax Deal

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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Germany and the Principality of Liechtenstein recently initialled in Berlin a draft agreement, designed to avoid double taxation and tax evasion in the area of taxes on income and capital.

Barbados Budget Unveiled

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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'Uncertain economic times' have led the Barbadian Finance Minister to introduce a Budget full of new tax measures, as part of a plan to drive down the deficit and stimulate economic growth.

Lukoil Unofficially Wins Bulgarian Tax Spat

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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Bulgarian tax authorities have admitted that they will not be able to enforce sanctions on the country's only domestic energy producer, Russian-owned Lukoil, for failing to introduce metering in their operations as part of measures to prevent tax evasion.

Irish Pension Group Attacks Fund Levy

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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The Irish government's introduction of a pension fund levy could see pensioners facing a 10% cut in their annual payments, according to a trustee board campaigning against the tax.

Indonesia To Lure Major Investors With Tax Holidays

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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Indonesia's Minister of Finance, Agus Martowardojo, has announced that long-awaited regulations will be issued to introduce tax holidays, as well as revise the country's tax allowances, for new direct investments in selected industries.

Debate On UK's Top Tax Rate Rumbles On

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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The UK's top rate of personal income tax will not be a permanent fixture, according to the Chancellor, who has said that the country needs its taxes to be competitive.

UK, Swiss Tax Deal Imminent

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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The UK looks certain to join Germany in securing a lucrative tax deal with Switzerland, with both Swiss and British authorities claiming a deal is imminent.

China To Experience Slower Tax Revenue Growth

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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At the same time as announcing an annual rise of more than 30% in tax revenues in the first seven months, China?s Ministry of Finance warned that revenue growth will slow down slightly during the second half of this year.

Germany Denies Fresh Tax Disc Purchase

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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Germany's finance ministry has recently denied reports that the country's investigating authorities have purchased a new tax data disc, containing the names of thousands of Germans alleged to have evaded taxes in Switzerland. Such revelations risk provoking a fresh row between the two countries, newly united over the issue.

Brazil Mulls Mining Royalties Hike

August 2011 - Projects, Energy & Natural Resources . Legal Developments by Hassans.

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Brazil is considering plans to increase the rate of royalties paid by mining companies as part of wider reform of legislation governing the sector.

Canada's Tax System 'Too Complex' Say Accountants

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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Canada's "overly complex" tax system imposes unnecessary and significant hidden costs on businesses and consumers, the Certified General Accountants Association (CGA) of Canada has said, calling for the launch of a debate on tax simplification.

UK Offers Concessions To Riot-Hit Businesses

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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In an effort to help those businesses affected by the recent riots, the UK's government and revenue agency have unveiled a series of support measures, including government funding of business rates and the negotiation of tax payment schedules.

Rising US Healthcare Provision Has Tax Consequences

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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While there has been criticism of Standard and Poor's (S&P) decision to downgrade United States debt, a paper from the Tax Foundation says that there are good reasons why it makes sense, particularly as the debt ceiling deal fails, either by cutting spending or increasing taxes, to take care of rapidly-rising healthcare spending.

Switzerland, Germany Conclude Landmark Tax Deal

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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In a move to quash longstanding tax disputes between the German government and Swiss financial institutions, the governments of Germany and Switzerland on August 10 concluded negotiations on tax issues and initialled a framework for the future taxation of funds deposited in Switzerland by German residents.

Cyprus Prepares Emergency Tax Measures

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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Cypriot Finance Minister, Kikis Kazamias has urged the adoption of proposals to rein in the country's deficit to avoid a European Union bailout, including an increase to the value-added tax rate and an annual registration fee for companies.

EC Continues To Support Russian WTO Membership

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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The European Council is ready to meet Russia halfway on the issues still hindering its World Trade Organisation (WTO) membership bid, the Kremlin has said.

Is The EU Heading For Fiscal Convergence?

August 2011 - EU & Competition. Legal Developments by Hassans.

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With member states fundamentally rethinking the functioning of the European Union, one thing seems certain to emerge from the Eurozone crisis: that proponents of a fiscal union (that countries' budget policies should largely be governed by the EU) have gained significant ground on those that would advocate the continuation of fiscal sovereignty.

Italy Presents Its Anti-Crisis Budget

August 2011 - Finance. Legal Developments by Hassans.

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In a rapid response to the financial markets crisis, the Italian government has, several days before it was originally expected, produced an additional anti-crisis package to accelerate the balancing of the country's budget.

Sarkozy Plans New Wave Of Austerity Measures

August 2011 - Finance. Legal Developments by Hassans.

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It seems no nation is safe in Europe from the scrutiny of the increasingly skittish bond market, as even France, with its credentials as Europe's second largest economy and with comparatively modest debt, has been forced to address its fiscal shortcomings.

China Issues RMB Bond In Hong Kong

August 2011 - Finance. Legal Developments by Hassans.

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The Chinese Ministry of Finance has confirmed that a tender of RMB15bn (USD2.34bn) in sovereign bonds will be held on August 17 through Hong Kong's Central Moneymarkets Unit.

Bermuda's Influence In EU Rising

August 2011 - EU & Competition. Legal Developments by Hassans.

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Bermuda Premier Paula Cox has said that her 'unprecedented' meetings with key European Union representatives demonstrate that Bermuda's position as a reputable international financial centre is strengthening.

Irish Rating Downgraded To Junk Status

August 2011 - Finance. Legal Developments by Hassans.

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Ireland has been hit with its worst ever debt rating, joining the beleaguered Portuguese and Greek economies in its classification as "junk".

US Debt Negotiations Still Stuck On Taxes

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Despite recent intense negotiations between President Barack Obama and the top leaders of both political parties an agreement on a package of measures to allow an increase to the United States debt ceiling has not been reached.

France Mulls Paring Down Of Tax Breaks

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Budgetary rapporteur of the French Senate Philippe Marini has recently put forward the idea of paring down as broadly as possible existing tax breaks in France (les niches fiscales), passing right across the board, and within the framework of the country's 2012 budget.

Australian Carbon Tax Details Published

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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The Australian government has released comprehensive plans to tackle carbon emissions by placing a levy on around five hundred of the country's largest producers, with the impact on consumers offset by a variety of changes to personal income taxation and welfare payments.

Germany Gives Green Light To Bank Tax

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Following a long and difficult debate, Germany's upper house of parliament or Bundesrat has finally adopted the government's decree pertaining to a restructuring fund, and approved, although with changes, specific details of its proposed bank levy.

Italian Budget Cuts Detailed

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Following the presentation of a modified decree containing the Italian government's proposed budget reductions, an explanation has been provided of how they should eliminate Italy's budget deficit by 2014.

Panama Removed From OECD 'Grey List'

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Panama has followed Costa Rica in being removed from the Organization for Economic Cooperation and Development's (OECD) 'grey list' of countries which have yet to substantially implement international standards on the exchange of tax information.

Jersey Company Used For Major London Listing

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Mourant Ozannes has advised Vallares plc, a Jersey company, on its flotation on the Main Market of the London Stock Exchange, which raised GBP1.35bn (USD2.15bn)  the second largest such flotation this year, just seven days after making an announcement that it intended to launch an initial public offering (IPO).

Portugal Plans Windfall Tax On Income

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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During his first appearance in parliament since his election on June 5, Portugal's Prime Minister Pedro Passos Coelho announced plans to impose a one-off windfall tax on income in Portugal at the end of the year. He also revealed government plans to accelerate structural reforms.

What is a SWAP?

July 2011 - Finance. Legal Developments by Hassans.

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Characteristics of a swap
There is a mystique which surrounds swap contracts due to lack of knowledge or available information. By explaining the basics of swaps, including how they work and what their purpose is, I hope this will help to clarify them.

Hong Kong Finalises Arrangements For Cash Handout

July 2011 - Finance. Legal Developments by Hassans.

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Following Legislative Council approval on July 8, Hong Kong's Secretary for Financial Services and the Treasury, Prof KC Chan, has outlined the series of measures the government will undertake in the coming weeks to launch its cash handout scheme.

Cayman Islands Economy To Grow In 2011

July 2011 - Finance. Legal Developments by Hassans.

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In spite of a fall in GDP last year, the Cayman Islands economy is expected to return to growth this year, according to Premier and Finance Minister McKeeva Bush.

SARS Issues Micro-Business Tax Guide

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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The South African Revenue Service (SARS) has issued a tax guide containing information about the operation of the simplified tax system for micro-businesses.

Gibraltar Cuts Income Tax

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Peter Caruana, Gibraltar's Chief Minister, has released his budget for the fiscal year 2011/12, which introduces a number of rate and threshold changes to the personal income tax system, among other changes.

UK Reforms Rules To Boost SME Investment

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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UK Reforms Rules To Boost SME Investment In an effort to encourage more equity financing of small and start-up businesses in the UK, the government has launched a consultation on proposals for reforms to the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs).

Trichet Slams EU Financial Tax

July 2011 - EU & Competition. Legal Developments by Hassans.

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During a recent meeting of the European parliament?s economic and monetary affairs committee in Brussels, President of the European Central Bank (ECB) Jean-Claude Trichet vehemently rejected the idea of introducing a financial transactions tax purely at European level.

Elements Of Canadian Budget Pass Legislative Hurdle

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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A key part of Canada's Budget, aimed at assisting senior citizens, has passed through parliament, resulting in the restructuring of a series of benefits, and the introduction of tax credit and relief measures.

France Mulls Tax On Executive Pay

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Following a recent meeting with the French association of private enterprises (Association franaise des entreprises prives AFEP), French Labour Minister Xavier Bertrand unveiled details of government plans to increase the tax burden on companies in France according extravagant salaries to their top business executives.

Germany Delays Key Tax Talks

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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Despite earlier plans to forge swiftly ahead with tax cut discussions before the legislature's summer recess, Germany's black-yellow coalition government has now announced its decision to delay negotiations until the autumn. Germany's opposition parties have described the latest announcement as a further defeat for the Free Democratic Party.

KORUS FTA Faces Renegotiation

July 2011 - Tax & Private Client. Legal Developments by Hassans.

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During a meeting with South Korea?s President Lee Myung-bak, the parliamentary opposition leader, Sohn Hak-kyu, has insisted that the text of the South Korea-United States free trade agreement (KORUS FTA) should be renegotiated.

Gibraltar Gambling – the Future is Green

July 2011 - EU & Competition. Legal Developments by Hassans.

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Article by Nyreen Llamas

A little over 10 years ago, the remote gambling industry was a relatively unknown sector in Gibraltar. Granted – we had already witnessed the arrival of Victor Chandler and Ladbrokes undertaking telephonic betting from the jurisdiction but this activity was relatively contained.

Business Blasts Key's Lack Of Budget Ambition

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The government has taken some commendable decisions in the budget but they do not amount to a coherent plan for economic growth and for removing serious foreseeable risks, says Roger Kerr, executive director of the New Zealand Business Roundtable.

Vote Highlights Swiss Tax Competition

May 2011 - Corporate & Commercial. Legal Developments by Hassans.

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By a slender majority, the Swiss canton Thurgau recently rejected an initiative seeking to abolish the controversial lump sum tax currently imposed on its wealthy foreign residents.

Bermuda Announces Transparency Law

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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Bermuda is to amend key elements of its business legislation in a bid to comply with Organization of Economic Cooperation and Development (OECD) recommendations and meet international standards on tax transparency.

Australian Mining Royalty Dispute Kicks Off

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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With Western Australia's (WA) state budget last week came the surprise announcement that it will be increasing iron ore royalties from next year.

Taiwan Brings Forward Luxury Tax

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The Ministry of Finance has announced that the Selective Goods and Services Sales Tax Act, which establishes Taiwan's new luxury taxes targeted at reducing speculative property purchases and a widening wealth gap in the economy, are to take effect earlier than originally expected on June 1.

S&P Places Italy On Negative Outlook

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The country's political uncertainty, which has weakened its prospects for economic recovery and increased the perceived risks associated with the government's fiscal debt reduction programme, has led Standard and Poor's (S&P) to lower the outlook on Italy's credit rating.

Ireland's Corporate Tax Attracts US FDI

May 2011 - Corporate & Commercial. Legal Developments by Hassans.

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Ireland's competitive corporate tax regime is a distinct advantage when it comes to US firms considering foreign direct investment, placing it ahead of rival jurisdictions, according to a new survey.

IRS Hears Opposition To Reporting Rule

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The United States Internal Revenue Service (IRS) has held a hearing at which it heard testimony urging immediate withdrawal of a proposed rule on the reporting of interest paid to non-residents by US banks.

UK CFC Rules Still Break EU Law

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The UK must amend its legislation on the tax treatment of controlled foreign companies, as it fails to fulfil European Union (EU) Treaty obligations or adequately take into account relevant court rulings, the European Commission has said.

Shulman Looks At IRS Priorities

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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During remarks made by the United States Internal Revenue Service (IRS) Commissioner Doug Shulman to the Johns Hopkins Carey Business School in Baltimore, he looked at the IRS?s main strategic priorities for the next decade.

Jersey To Amend 'Zero-Ten' Regime

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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Jersey's Treasury Minister, supported by the Council of Ministers, is announcing his intention to repeal those elements of Jersey?s corporate tax regime which were deemed harmful by the EU Code of Conduct Group.

Germany's CDU Split On Tax Cuts

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The ongoing political storm surrounding tax cuts in Germany has intensified, as Bavaria?s Finance Minister and member of the ruling Christian Social Union (CSU) Georg Fahrenschon has joined in calls for the fiscal burden to be reduced on individuals in this legislative period. The remarks have clearly divided Chancellor Angela Merkel?s Christian Democratic Union (CDU) party.

UK Trials New Tax Compliance Process

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The UK's revenue agency is to run trials of a single compliance process for enquiries across a range of different taxes, designed to simplify and standardize the system.

Irish Parliament Rejects CCCTB

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The Irish parliament has passed a motion denying the legality of European Commission proposals for a Common Consolidated Corporate Tax Base (CCCTB), after a debate in which the measure was slammed as an attempted assault on the country's 12.5% corporate tax rate.

Japan Delays TPP Decision

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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As a further consequence of the earthquake and tsunami in March this year, it has now been officially confirmed that Japan?s decision on whether to join the Trans-Pacific Partnership (TPP) will be delayed beyond its expected June deadline.

US Senate Stalls Cut To Oil Industry Tax Breaks

May 2011 - Tax & Private Client. Legal Developments by Hassans.

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The United States Senate has rejected a bill which would have cancelled the USD21bn in tax breaks that the country?s oil and gas industry is expected to receive over the next ten years, and dedicated the increased revenue generated to the reduction of the federal budget deficit.

Singapore, EU Close To Trade Deal

May 2011 - EU & Competition. Legal Developments by Hassans.

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In a recent speech, Lim Hng Kiang, Singapore's Minister for Trade and Industry, disclosed that discussions on a free trade agreement (FTA) with the European Union (EU) are at an advanced stage.

Global Market Review

May 2011 - Finance. Legal Developments by Hassans.

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Anthony Jimenez, Funds Lawyer at Hassans, reviews the key factors which have been influencing investment and trading decisions over the first quarter of 2011, and subsequently the direction of global financial markets

GIBRALTAR – IDEAL FOR UCITS

May 2011 - Finance. Legal Developments by Hassans.

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By Aaron Payas, Associate

Gibraltar, as part of the European Union has seen its reputation grow exponentially as its stable government and political status continues to support its reputation as a robust European finance centre. 

PCC Book Review by Robin Amos

January 2011 - Corporate & Commercial. Legal Developments by Hassans.

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BOOK REVIEW: “Protected Cell Companies: a guide to their implementation and use”, Second Edition, by Nigel Feetham and Grant Jones. Published by Spiramus. Review by Robin Amos.

Tax Fact Sheet ‘A home for your Holding Company’

January 2011 - Tax & Private Client. Legal Developments by Hassans.

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Many jurisdictions now have in place a specialist “Holding Company Regime”. At present Gibraltar does not distinguish between holding companies and companies for other purposes, but certain characteristics of the overall Gibraltar regime for companies make the jurisdiction particularly attractive.

New Corporate Tax Regime Redefines Gibraltar

January 2011 - Tax & Private Client. Legal Developments by Hassans.

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There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian peninsula, “the Rock” enjoys a temperate Mediterranean climate with mild winters and warm summers. The accessibility of nearby historical and cultural Andalucia in Spain, coupled with its spectacular scenery and wildlife, makes Gibraltar a popular destination.

When the Past, Present and Future, meet.

January 2011 - Tax & Private Client. Legal Developments by Hassans.

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'Tax havens' have come under considerable outside pressure over the last 10 years. As a Gibraltar legal practitioner, I took an early professional interest in writing about developments in the offshore industry and I could sense the change in the wind and prevailing currents that had propelled a handful of small jurisdictions into the forefront of international finance. I took the view that they could not afford to remain still.

Business and individuals to benefit from new tax law

December 2010 - Tax & Private Client. Legal Developments by Hassans.

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A new Tax Act has signaled the end of Gibraltar as a jurisdiction that relied on administrative and statutory ring fencing and secretive tax exempt companies and trusts to attract inward investment, as former Advisor to the Income Tax Commissioner, Chris White, explains.

When the Past, Present and Future, meet.

December 2010 - Tax & Private Client. Legal Developments by Hassans.

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'Tax havens' have come under considerable outside pressure over the last 10 years. As a Gibraltar legal practitioner, I took an early professional interest in writing about developments in the offshore industry and I could sense the change in the wind and prevailing currents that had propelled a handful of small jurisdictions into the forefront of international finance.

When the Past, Present and Future, meet.

November 2010 - Tax & Private Client. Legal Developments by Hassans.

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'Tax havens' have come under considerable outside pressure over the last 10 years. As a Gibraltar legal practitioner, I took an early professional interest in writing about developments in the offshore industry and I could sense the change in the wind and prevailing currents that had propelled a handful of small jurisdictions into the forefront of international finance. I took the view that they could not afford to remain still.

Business and individuals to benefit from new tax law

November 2010 - Tax & Private Client. Legal Developments by Hassans.

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A new Tax Act has signaled the end of Gibraltar as a jurisdiction that relied on administrative and statutory ring fencing and secretive tax exempt companies and trusts to attract inward investment, as former Advisor to the Income Tax Commissioner, Chris White, explains.

Gibraltar Law firm ranked No1 in IFLR 1000

November 2010 - Corporate & Commercial. Legal Developments by Hassans.

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Hassans international law firm is once again delighted to be ranked in Tier No 1 in the independent directory, IFLR1000, 2011. Its stand-alone position further strengthens the firms’ reputation, expertise and quality of service to clients.

Gibraltar Income Tax Act 2010

October 2010 - Tax & Private Client. Legal Developments by Hassans.

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Recent Developments in the Gibraltar Tax System The last months of summer were a busy time for tax professionals in Gibraltar and, in particular, for Chris White and Albert Mena, the senior partners of Hassans’ Tax and Overseas Property Team.

THE RE-DOMICILING OF ALTERNATIVE INVESTMENT FUNDS TO GIBRALTAR

October 2010 - Corporate & Commercial. Legal Developments by Hassans.

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Gibraltar, a member of the European Union by virtue of the British Treaty of Accession, is one of four or possibly five jurisdictions in the EU which fund managers will want to consider due to its fiscally effective legislative framework for funds.

EU Funds Market Faces Tax Barriers

September 2010 - Tax & Private Client. Legal Developments by Hassans.

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An industry research report published jointly by the European Fund and Asset Management Association (EFAMA) and KPMG?s European Investment Management practice shows that there are significant tax complications in the new Undertakings for Collective Investment in Transferable Securities (UCITS IV) Directive that prevent the achievement of a harmonized European funds industry.

UK To Forge Ahead With Corporate Tax Reform

September 2010 - Tax & Private Client. Legal Developments by Hassans.

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Mark Hoban, the Financial Secretary to the UK Treasury, confirmed in a speech on September 20 the government's desire to move the country towards a more territorial system of corporate taxation.

Guernsey Leads In Captive Insurance

March 2010 - Tax & Private Client. Legal Developments by Hassans.

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Two new studies have reaffirmed Guernsey?s position as the leading captive insurance centre in Europe, and among the top four in the world.

France Plans Corporate Tax Reform

March 2010 - Tax & Private Client. Legal Developments by Hassans.

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French Finance Minister Christine Lagarde has confirmed plans to reform corporate taxation in France.

Darling Leaves UK Tax On Hold

March 2010 - Tax & Private Client. Legal Developments by Hassans.

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Delivering the government's last budget before the general election, Chancellor Alistair Darling decided against any further increases in income tax over and above those measures he has already announced.

European Opportunities In Gibraltar The Proposed Alternative Investment Fund Managers Directive

March 2010 - Corporate & Commercial. Legal Developments by Hassans.

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The European Commission (“EC”) drafted a proposal for the Alternative Investment Fund Managers Directive (“AIFMD” and/or the “Directive”) in response to the current global financial downturn.

Gibraltar – Limited Partnerships

February 2010 - Corporate & Commercial. Legal Developments by Hassans.

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UK commercial property purchasers lucky enough to find a willing vendor and financier may deem it worthwhile from a stamp duty land tax (“SDLT”) point of view to structure the transaction using a Gibraltar limited partnership (“LP”).

Why Gibraltar as a Jurisdiction?

February 2010 - Corporate & Commercial. Legal Developments by Hassans.

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The Rock's attractions as a place to conduct international business or establish company structures have been enhanced in recent years by several developments – a warmer relationship with neighbouring Spain has been established and talks on closer cooperation at several levels continue; a new constitution is in place that, while retaining Gibraltar's ties with Britain, gives the Rock greater autonomy; and a glowing report by the International Monetary Fund (IMF) lauding the high standards of the jurisdiction's regulatory regime was issued at the end of May 2007.

Tax Fact Sheet ‘A home for your Holding Company’

February 2010 - Corporate & Commercial. Legal Developments by Hassans.

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Many jurisdictions now have in place a specialist “Holding Company Regime”. At present Gibraltar does not distinguish between holding companies and companies for other purposes, but certain characteristics of the overall Gibraltar regime for companies make the jurisdiction particularly attractive.

So you found your ideal house... What next?

February 2010 - Corporate & Commercial. Legal Developments by Hassans.

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Once you have paid a deposit on a property it is important to note that on the whole, reservation agreements tend to be “subject to contract”. This means that until such time as exchange of contracts is effected either the purchaser or the vendor may withdraw from the transaction at any time. However, you should consider the terms of the reservation agreement very carefully as some estate agents will retain the reservation deposit if the purchaser fails to complete the transaction.

GROWTH IN THE GIBRALTAR FUNDS INDUSTRY

February 2010 - Corporate & Commercial. Legal Developments by Hassans.

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Following the introduction of the Experienced Investor Fund regime (EIF) a couple of years ago there has been a substantial growth in the Gibraltar funds industry. The number of funds established has been growing at a compound rate and funds now range from $1Million to over $1Billion. The funds invest in all areas of the world including America, Europe, Eastern Europe and the Middle East with investors in a number of different jurisdictions.

Protected Cell Companies: a guide to their implementation and use

December 2008 - Corporate & Commercial. Legal Developments by Hassans.

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BOOK REVIEW: “Protected Cell Companies: a guide to their implementation and use”, by Nigel Feetham and Grant Jones. Published by Spiramus. Review by Robin Amos.

As the authors acknowledge, it is indeed surprising that this book represents the first ever detailed study of Protected Cell Companies. Practitioners involved with such companies will doubtless want to know whether this is required reading. This reviewer has no doubt that it is, due mainly to the clarity of the analysis; a difficult feat given the challenge of returning to first principles in the fields of company law, insolvency, accounting and insurance, and all of these in an international context

Budget Accelerates Corporate Tax Cut

December 2008 - Tax & Private Client. Legal Developments by Hassans.

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Chief Minister Peter Caruana on June 3 presented Gibraltar’s 2008 budget, which accelerates the timetable for previously announced reductions in the corporate tax rate and lowers the personal income tax rate for some taxpayers.

UK TAX CHANGES WILL AFFECT GIBRALTAR

December 2008 - Corporate & Commercial. Legal Developments by Hassans.

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The draft legislation for Non Dom- UK Residents was released on 18th January 2008. The implications of this legislation will affect Gibraltar residents who fly frequently to the UK, whether it is for business or pleasure. The clients of Gibraltar Management companies and clients of Gibraltar trust companies.

Living or thinking about moving abroad

August 2008 - Tax & Private Client. Legal Developments by Hassans.

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If you have not been resident in the UK for five years or intend not to be resident for five years, transferring your pension out of the UK can result in large UK tax savings. In certain circumstances you may also have access to 100% of your funds, when transferring to an appropriate tax friendly country.

Face-to-Face Service for Hassans’ Expatriate Clients

July 2008 - Tax & Private Client. Legal Developments by Hassans.

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The global credit crunch and the resultant slowing of Spain’s housing market has hit tens of thousands of expatriate Britons — as well as other northern Europeans — who own holiday or retirement homes in Andalucia.