tax

The Investment Management Association (IMA)'s head of tax Stephen Lynam is retiring after more than 30 years in the industry.

Vince Cable, the business secretary, has been embarrassed after being fined £500 by HM Revenue and Customs for failing to pay VAT on his extra-curricular earnings.

About 4,000 people are planning a mass demonstration outside the London Stock Exchange to protest against "financial injustices", in a move to expand the Occupy Wall Street demonstrations that began in New York.

Berkshire Hathaway chief executive Warren Buffett has revealed his gross income last year was nearly $63m.

Leading UK asset managers have warned against the implementation of a new tax, which could be imposed Europe-wide on all financial transactions.

US president Barack Obama has said the wealthy and corporations should pay their "fair share" to cut the country's deficit after proposing a tax for the super rich.

The UK government is understood to be prepared to shoot down proposals for a financial transaction tax being mooted by Germany and France.

The FSA will be able to authorise tax-transparent funds by the summer of 2012 after the government moved to introduce the products through secondary legislation.

Fund managers, IFAs and investors could be hit with huge costs after the US Senate passed laws forcing millions of people in funds holding US assets to make a declaration to the American tax authorities.

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