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22 April 2016 / Peter Vaines
Issue: 7695 / Categories: Features , Tax , Commercial
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Taxing matters

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Peter Vaines wonders what all the fuss is over the Panama Papers & reports on other recent developments in the world of tax

All this business about the Panama Papers is driving me bonkers. Everybody is getting themselves all worked up about the tax issues relating to funds deposited in Panama—but these revelations have got very little to do with tax. It seems much more likely that most of the money is not put there to escape tax (such people are hardly likely to have been paying tax anyway) but to conceal the proceeds of crime, money laundering and corruption—on a biblical scale. Indeed, in the published list of people who had money in Panama, there is a whole section entitled “Organised Crime”.

It never ceases to amaze me how in some countries, a perfectly ordinary person can be elected to high office and before very long is able to accumulate untold millions (or billions) of pounds without anybody really getting too fussed about it. It is difficult to see any legitimate way in which

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NEWS
The Financial Reporting Council’s revised Audit Enforcement Procedure will alter the balance of power in corporate investigations
A telecoms operator may be able to hold over under the Landlord and Tenant Act 1954, yet still be unable to secure a renewal: an outcome described as a legal ‘paradox’

Safety fears do not automatically justify shutting an interested person out of a statutory will application

Consumer credit law is heading for its biggest shake-up in 50 years, with the Consumer Credit Act 1974 set to yield much of its detailed statutory machinery to FCA rules
The Supreme Court has settled a long-running dispute over part-time workers: unfavourable treatment need be a significant or effective cause, not the sole cause
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