Legislation / Legal

HMRC: The influence of the global economic downturn on the tax avoidance industry was one of the key issues for leaders of the Joint International Tax Shelter Information Centre (JITSIC) in Kyoto. JITSIC leaders from Australia, Canada, China, Japan, United Kingdom and the United States reviewed successes and decided on JITSIC's future direction.
 
JITSIC was established in 2004 by the tax administrations of Australia, Canada, the UK and the United States, to supplement the ongoing work of the Australian Taxation Office, the Canada Revenue Agency, HM Revenue & Customs, and the Internal Revenue Service in identifying & curbing tax avoidance and shelters and those who promote them & invest in them.
Press release ~ HMRC - Anti Avoidance Group: JITSIC (Joint International Tax Shelter Information Centre)
 
HO: The deadline is fast approaching for universities, colleges and schools who want to sponsor international students when the student tier of Britain's new points system goes live, the UK Border Agency has warned. The introduction of the student tier - Tier 4 - will complete the rollout of the points system.
 
If education institutions want to bring in international students when Tier 4 starts at the end of March 2009 they must apply by 2 February 2009.  So far more than 800 universities, colleges and schools have signed up. Institutions who do not apply before the deadline will not be able to sponsor students from the go-live date in March.
Press release ~ Home Office - Tier 4 implementation plan ~ Studying in the United Kingdom ~ UK Border Agency - PBS
 
MoJ: The new Legal Services Board (LSB) has published its draft 2009/10 Business Plan for consultation (closes on 13 March 2009). Recently established as the independent body responsible for overseeing the regulation of lawyers in England & Wales, the LSB's goal is to reform & modernise the legal services market place by putting the interests of consumers and citizens at the heart of the system. The final version of the Plan will be published in April 2009.
Press release ~ Draft LSB Business Plan for 2009/10
 
CompC: The Competition Commission (CC) has published its final report into the Payment Protection Insurance (PPI) market, setting out the measures it has decided are needed to introduce competition between suppliers.
 
The CC has concluded that businesses that offer PPI alongside credit face little or no competition when selling PPI to their credit customers.  To address the lack of competition, the CC will be introducing a package of measures to introduce competition in the market including:
* a ban on the sale of PPI during the sale of the credit product and for seven days afterwards
* a prohibition on single-premium policies
* personal PPI quotes
* annual statements
* measures to make sure that improved information is available to consumers to make it easier for them to compare & search for products and switch policies at a later point
 
The CC expects that the measures will come into force during 2010, with the information remedies in place by April 2010 and other measures by October 2010, each to coincide with Government common commencement dates for new legislation and regulation.
Press release ~ Final PPI report ~ Payment protection insurance choices ~ Competition Commission - PPI ~ FSA response to CC’s provisional Decision on Remedies
 
OFT: The Office of Fair Trading has issued formal notices to 16 Sale & Rent Back firms, asking them to substantiate claims they make in their adverts. These firms buy homes from individuals, usually at a significant discount, and then rent them back to the previous owners.
 
This action follows a 2008 OFT market study into the sector which concluded that there was a need for statutory regulation.  It found that some firms may be misleading consumers as to the value of their property or how long they may stay in the property after it is sold which may only be guaranteed for 6 to 12 months.
Press release ~ Sale and rent back - An OFT market study
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