Press release: HMRC warns it’s time to declare offshore assets
HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.
New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax.
However, some UK taxpayers may not realise they have a requirement to declare their overseas financial interests. Under the rules, actions like renting out a property abroad, transferring income and assets from one country to another, or even renting out a UK property when living abroad could mean taxpayers face a tax bill in the UK.
The Financial Secretary to the Treasury, Mel Stride MP, said:
Since 2010 we have secured over £2.8bn for our vital public services by tackling offshore tax evaders, and we will continue to relentlessly crack down on those not playing by the rules.
This new measure will place higher penalties on those who do not contact HMRC and ensure their offshore tax liabilities are correct. I urge anyone affected to get in touch with HMRC now.
From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the Common Reporting Standard (CRS). CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received.
The most common reasons for declaring offshore tax are in relation to foreign property, investment income and moving money into the UK from abroad. Over 17,000 people have already contacted HMRC to notify the department about tax due from sources of foreign income, such as their holiday homes and overseas properties.
Telling an officer of HMRC in the course of an enquiry into your affairs.
Or using any other method agreed with HMRC.
Once a customer has notified HMRC by 30 September of their intention to make a declaration, they will then have 90 days to make the full disclosure and pay any tax owed.
If taxpayers are confident that their tax affairs are in order, then they do not need to worry. If anyone is unsure, HMRC recommends they seek advice from a professional tax adviser or agent.
Further Information
Examples of offshore assets include: art and antiques; bank and other savings accounts; boats; cash; debts owed to you; gold and silver articles; government securities; jewellery; land and buildings, including holiday timeshare; life assurance policies and pensions; other accounts, such as stockbroker’s or solicitors’; other bond deposits and loans including personal portfolio bonds; rights or intellectual property including image rights; stocks and shares; trusts including employee benefit trusts and self-employed persons trusts; and vehicles.
New ‘Requirement to Correct’ legislation was introduced as part of the Finance (No. 2) Act 2017.
We are looking to recruit one individual who will bring the following skills to the VMD’s Management Board and Audit and Risk Assurance Committee:
An appreciation of the functions and responsibilities of a public service organisation and how such organisations have been responding to the drive for efficiency across Government.
An ability to communicate and build relationships at all levels and good interpersonal skills, including the ability to negotiate, persuade and build partnerships at all levels.
The ability to provide impartial, objective and pragmatic advice, to contribute to discussions at a strategic level and to think creatively, and bring independent judgement to bear on issues of strategy, performance and resources.
A specialism in one or more of the following:
Senior management experience on a board or at senior management level of running and overseeing a commercial business. This should include experience of financial controls, the use of management information to drive business improvement and working in partnership with other organisations to deliver outcomes, products or services.
Experience of working within the animal health sector and an understanding of the science related to livestock husbandry, animal welfare, or veterinary science and/or functional animal nutrition.
Experience of working on an audit committee.
Experience of working in the IT industry.
You will need to demonstrate in your written application examples of where your experience matches these essential skills.
We would like in particular to encourage applications from those who have experience in the animal health/veterinary sectors.
To apply, please send a CV and covering letter giving clear examples in no more than 1000 words of where your experience matches the essential skills mentioned above to:
Chris Abbott, Veterinary Medicines Directorate, Woodham Lane, New Haw, Addlestone, Surrey KT15 3LS
To be received no later than noon, Friday 14 September 2018.
Please also include contact details of two referees who can be contacted to provide a reference prior to interview.
All candidates will be required to complete the following forms:
Diversity Monitoring Questionnaire
Political Activity Questionnaire.
News story: Compilation of Scholarships and Fellowships for Singaporeans
Chevening: The Prestigious UK Government Scholarship Scheme
Chevening Scholarships are for postgraduate studies in the UK, taught courses at almost any university and on almost any course. Upon completion of their programme, Chevening scholars become part of the Chevening Alumni, an extensive network of professionals from a wide variety of fields.
Amongst other eligibility requirements, applicants must be able to return to their country of citizenship for a minimum of two years after their award has ended, have at least two years’ work experience, have an undergraduate degree that will enable them to gain entry into a postgraduate programme at a UK University and be able to explain how they are a leader in line of work or area of specialist interest or expertise.
Commonwealth Scholarships and Fellowships
The Royal Commonwealth Society of Singapore was re-established in 2016 to promote the Commonwealth and to provide new Scholarships and Fellowships for eligible Singaporeans. These are:
The Singapore Commonwealth Scholarship in Innovation is available to students to undertake a postgraduate programme at a UK University. The programme should include an aspect of research or development in an innovation related area.
The Singapore Commonwealth Fellowship in Innovation supports applicants with a clear research plan to collaborate with a British institution. Applicants must have an agreement from a university, company, or other body in the UK that they can undertake a Fellowship collaboration with them.
Separately the Commonwealth Rutherford Fellowships are a global scheme of up to 50 Fellowships, available for researchers to spend one or two years at an eligible UK university conducting post doctoral research.
Scholarships awarded by UK Universities to Singaporeans
The NUS Cambridge Scholarship. This scholarship is available for PhD students who are citizens and permanent residents of Singapore. Applicants should simultaneously apply to the University of Cambridge and the National University of Singapore. Successful applicants are expected to work at NUS after completion of their PhD.
The Amy Li Cambridge Scholarship. This scholarship is available to students studying for a BA in Physics, Engineering, Mathematics, or Chemical Engineering. It is worth £16,000 a year. No separate application is required.
Individual Cambridge colleges may also offer scholarships to their students. To check for scholarships offered directly by the college you wish to apply to, please refer to their website. An example of this is the Lee Kuan Yew Fitzwilliam Scholarship Fund provided by Fitzwilliam College, which provides opportunities to support graduate research by talented young academics from Singapore or working in fields with some connection to Singapore. These includes:
The Hong Leong – Lee Kuan Yew Masters Scholarship, which guarantees a full funding package for the successful student for a one-year course.
The Kuok Family – Lee Kuan Yew PhD Scholarship, which guarantees a full funding package for the successful student, for three years, subject to annual review
London School of Economics and Political Science
Various Undergraduate and Graduate scholarships are on offer to eligible applicants, including the Graduate Support Scheme, which is open to eligible applicants for a majority of diploma and taught master’s study. The value of an award ranges from £5,000 to £15,000, depending on financial need.
The International Excellence Scholarships, which provides a tuition fee waiver of £10,000 over three years for international students studying any subject with expected grades of AAA at A Level or equivalent.
The Royal Holloway Engineering Excellence Scholarship, which is open to new students studying for a degree within Electronic Engineering with expected grades of AAA at A Levels or equivalent. This scheme provides a tuition fee waiver worth £3,500 in the first year of the programme.
University of Warwick
Various Postgraduate scholarships are on offer to eligible applicants, including the Friends of the University Warwick in Singapore Scholarship. Up to two scholarships are funded through the Friends of the University of Warwick in Singapore Trust. The scholarships are offered to financially disadvantaged Singaporean citizens and Permanent Residents who have received an offer from Warwick.
University College London
Various Undergraduate and Graduate scholarships are on offer to eligible applicants including The Denys Holland Scholarship, which is awarded to students in financial hardship who are able to demonstrate that they would not be able to study at UCL without the scholarship. It is worth £9,000 per year for 3 years. Scholars can use all or part of the award to cover their fees, and any remainder will be paid as a stipend.
Imperial College London
Various Undergraduate and Postgraduate scholarships are on offer to eligible applicants, including the World Scientific Scholarship, which is awarded on the basis of academic merit and financial need. This scholarship is open to ASEAN students who have been offered a place at Imperial College London. It is worth £5,000 a year for up to 4 years and subject to satisfactory academic progress.
Queen Mary University, London
Various Undergraduate and Postgraduate scholarships are on offer to eligible applicants. Many of QMUL’s scholarships are awarded automatically when entry requirements are met, which means that there is no need to apply separately. These include the International Science and Engineering Excellence Awards (worth £3,000 for the first year and given automatically to all overseas undergraduate students who meet the entry requirements), the QMUL Anniversary Scholarship and the First Year Scholarship (awarded to first year LLB students and worth £1,000 a year, with second and final year scholarships also available).
King’s College, London
Various Undergraduate and Postgraduate scholarships are on offer to eligible applicants, including the Singapore Scholarship Fund, worth up to £20,000 for eligible Singaporean nationals to undertake an undergraduate or postgraduate taught programme in Law, Natural & Mathematical Sciences, Arts & Humanities, or Social Science & Public Policy.
University of Leicester
Various Undergraduate and Postgraduate scholarships are on offer to eligible applicants, including the Aviva Scholarship Programme, which offers a 20% tuition fee discount to selected, academically outstanding students from Singapore for most full-time undergraduate and postgraduate taught programmes.
University of Sussex
Various Undergraduate scholarships and Masters courses are on offer to eligible applicants, including the Sussex Excellence Scholarship (a cash award of £3,000 in the first year of a three or four year undergraduate degree programme for those who achieve AAA in A Levels, or 36 points and above in IB) and the Chancellor’s International Scholarship (50% off international student fee for one year for any student enrolled in a full time Postgraduate taught degree for certain courses).
The Aviva Scholarship, which covers 20% of overseas tuition fees for selected courses in the School of Health Sciences, School of Mathematics, Computer Science and Engineering and School of Arts and Social Sciences. Students from Singapore who are Aviva customers, or who parents are Aviva customers, are eligible to apply.
The Cass Business School International Scholarships, a scholarship offering £2000 towards Year 1 tuition fees only. Students with outstanding grades who have accepted an offer from Cass Business School as their firm choice are encouraged to apply.
The Global Leaders Scholarships, a scholarship worth £1,000 for the first year of study. Applicants are evaluated based on their grades and personal statements.
The President’s International Scholarship, for students who achieve AAA grades or above in A Levels or score of 35 and above (grade requirements for different courses may vary). Students who are awarded the scholarship will receive £2,000 pounds a year for a maximum of three years and is subject to satisfactory academic performance.
University of Durham
Various Undergraduate and Postgraduate scholarships are on offer to eligible applicants, including the BP Scholarship for up to 10 Durham students studying selected courses in science, engineering, management or economics and is worth £3,000 a year. Recipients will also be fast tracked to an interview for an internship or graduate role. Eligible students in the first term of their first year at Durham are sent details on how to apply and scholarships are awarded based on academic merit and potential.
Other schemes which may support study in the UK include:
Agency for Science, Technology and Research (A*STAR)
Various scholarships are on offer to eligible applicants, including the National Science Scholarship (PhD), a fully-funded scholarship enables Singaporean students with a passion for biomedical sciences, physical sciences and engineering, to study at top research universities around the world.
Lee Kuan Yew Scholarship
This scholarship was set-up by the Tanjong Pagar Citizens’ Consultative Committee with funding from the public. Restricted to Singaporean citizens, Lee Kuan Yew Scholarship recipients can pursue postgraduate studies overseas or locally to develop their potential as leaders in their respective fields. There are no restrictions on the course of study.
News story: MOD to review Armed Forces exemption from UN Convention on the Rights of Persons with Disabilities
The exemption means that the armed forces are not required by law, to recruit or retain personnel with a condition that may be disabling under UK law.
Disability is defined as a person with ‘a physical or mental impairment, which has a substantial and long-term adverse effect on the ability to carry out normal day-to-day activities.’ In a practical sense, this includes a broad range of physical and mental conditions, including cancer and multiple sclerosis, to arthritis and mental health.
As part of the UK’s obligations to the UN’s Convention on the Rights of Persons with Disabilities, every five years it must look again at the armed forces’ exemption and review whether it is still appropriate.
The review will look at how the exemption affects the operational capability of the armed forces and our personnel and will examine if alternative options could better support personnel without any negative impact on operational effectiveness.
To achieve this, the review will look at how the military compares with the blue light services, to understand how being part of the Convention affects their workforces. The MOD will also work with other nations to share perspectives and best practice.
Personnel with a disability already serve in a variety of roles across the Armed Forces, and while the MOD does not currently hold exact figures on military personnel with a disability, the department plans to enable better data collection in the future.
Minister for Defence People and Veterans Tobias Ellwood said:
In an ever-changing world, we need to ensure that the armed forces maintain their operational effectiveness, while at the same time looking after all of our personnel who serve.
This review demonstrates that we are taking the issue of disability seriously and that we are open-minded in our approach.
The MOD has recently established a number of initiatives to support disabled personnel as they serve their country, including appointing an Armed Forces Disability Champion and establishing a network for Service personnel, Carers and some veterans with a life-changing or life-limiting condition or a disability.
The review will start early in 2019.
News story: Batches of Durex Condoms recalled: people urged to check their batch numbers
Reckitt Benckiser Group plc (RB) has announced that they are recalling specific batches of Durex condoms after they did not pass their required safety standards. This means there is a risk that the condom might tear or leak reducing its protection from sexually-transmitted diseases and pregnancy.
People are advised to check if they have any of the affected batches, which are listed in the table below.
If anyone finds an affected batch, they are advised to stop use and return the product for a full refund. For more information, please visit the Durex website .
John Wilkinson, the Medicines and Healthcare products Regulatory Agency (MHRA)’s Director of Medical Devices said:
Our highest priority is making sure that all medical devices are acceptably safe and work effectively. It’s important that you check the batch numbers to see if you have a product from an affected batch.
If you have any questions, please speak to your healthcare professional or sexual health provider.
We strongly encourage anyone to report any issues with this product, or more generally with any medical device, to our Yellow Card Scheme.
