The Expatriate tax specialists.

News

The IRS has posted an Update to the Instructions for Form 8938 for 2014 to the FATCA web page.

On first glance, these changes are likely to have an impact on the reporting for individuals with NZ superannuation plans in the 2014 year.

 

 

The list contains pension schemes that have told HM Revenue and Customs that they meet the conditions to be a Qualifying Recognised Overseas Pension (QROPS) and have asked to be included on the list.

An updated QROPS list is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day.

UK

Economic Secretary to the Treasury Andrea Leadsom has unveiled the name and logo of the new pensions guidance service.

Pension wise will be a first port of call for consumers, offering free and impartial information and guidance to people with a defined contribution pension approaching retirement.

From April 2015, over 300,000 individuals a year with defined contribution pension savings will be able to access them as they wish from when they turn 55.

USA

WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment.  Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable.

UK

Many of the excuses claim it was someone else’s fault – pets, girlfriends, work colleagues and even the President of the United States are named and blamed for taxpayers’ tardiness.

The excuses were all used in unsuccessful appeals against HMRC penalties for late filing and payment. Here’s the full list: