UK Tax Exile Loses High Court Domicile Case  The British-born businessman who is contesting a decision by HM Revenue & Customs that he remains domiciled in the United Kingdom for tax purposes has lost his appeal in the High Court in London. Robert Gaines-Cooper, who has business interests all over the world, claims that he is resident and domiciled in the Seychelles, but the court concluded - in agreement with HMRC - that he maintained sufficiently strong ties to the UK to put his claim in doubt.

Northern Rock Gets Injunction On Memo

A further twist in the Northern Rock saga has seen the bank obtain an injunction to prevent a confidential memorandum sent to parties with a potential interest in all or part of the Company from being further published, following its leak to a newspaper group, and subsequent publication on a website controlled by that group.

Hong Kong Doesn't Need Deposit Protection Upgrade  Hong Kong's Secretary for Financial Services and the Treasury, Prof KC Chan has announced that the Deposit Protection Scheme has been operating smoothly since its inception last year, and needs no adjustment.He told legislators on Wednesday that the scheme fund reached $374 million in March, and is expected to reach the targeted $1.3 billion as scheduled in three years. He stated that it has enhanced public confidence in placing deposits with small and medium-sized banks.

New Law To Boost Panama's Real Estate Sector

Panama's real estate sector is poised for an "unprecedented boost" as a result of a new law recently passed by the country's National Assembly giving multinational companies performing certain tasks a significant tax break, according to company specialising in investment property in Panama.The Knightsbridge Investment Group says that the new rules, known as 'Law 41', are designed to encourage the establishment of multinational companies in Panama, and give exemption to multinationals from the payment of income tax in the Republic of Panama for all services provided to any entity domiciled outside Panama. In addition, the legislstion allows licensed corporations to hire trusted foreign employees to fill management positions in the company, authorizing them to work and reside in Panama, which could spell an influx of international professionals moving to the jurisdiction.

Isle Of Man Tightens Anti-Money Laundering Legislation  Businesses in the Isle of Man which accept cash payments worth EUR15,000 or more will now have to comply with new anti-money laundering legislation in place in the jurisdiction, the Manx government has announced. The Criminal Justice (Money Laundering) Code 2007 (the ML Code) came into effect on September 1, 2007. The ML Code replaced the previous Anti-Money Laundering Code 1998, and brought in changes to anti-money laundering and counter terrorist financing requirements. In addition, where previous legislation had focused on the financial services sector, the ML Code brought additional businesses within its remit, ensuring that the Isle of Man complies with international standards.

HSBC, BOC H.K. Cut Hong Kong Lending, Savings Rates HSBC Holdings Plc and BOC Hong Kong (Holdings) Ltd. cut their lending rates in the city by a quarter point for a second time this month after the cost of funds fell to the lowest in more than two years. Standard Chartered Bank (Hong Kong) Ltd., HSBC unit Hang Seng Bank Ltd. and Bank of East Asia Ltd. also reduced their benchmark rates on loans by 25 basis points.

Swiss Report Critical Of EU Tax And State Aid Policies  A new report approved by the Swiss government has highlighted how the EU continues to stifle tax competition and sanction state aid, despite Brussels's claims to the contrary.The report, entitled: 'State aid to companies: company taxation and tax competition - developments in the European Union', was approved by the Swiss Federal Council on Wednesday. It comes to the conclusion that the EU pursues the approach of restricted tax competition, which, despite being banned under EU law, is complemented by an extensive policy of state aid, in contrast to Switzerland's "positive" stance on tax competition and "sparing use" of direct state aid to individual companies.

British Virgin Islands Hosts Successful London Roadshow  The British Virgin Islands International Finance Centre (IFC) this month hosted a roadshow in the city of London as a demonstration of its commitment to what is now widely recognised as the world's financial capital.The three day event featured a series of business development meetings with senior figures at London's leading private banks and law firms. These were followed by evening receptions at The Dorchester, during which over a hundred delegates were briefed about new developments and opportunities in the BVI's Trust and Corporate business sectors.