HMRC Requirement to Correct – how to avoid punitive penalties

The UK has introduced new penalties under the Requirement To Correct (“RTC”). The RTC imposes an obligation on anyone who has under-declared UK tax liabilities to make a disclosure to HM Revenue & Customs (“HMRC”), the UK tax authority. Failure to disclose by 30 September 2018 will result in punitive penalties. The standard penalty is between 100%…

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Mark Davies’ observations on Spain’s IHT reversal for non-EEA residents

Spanish court throws out Spain’s higher IHT for non-EEA residents In a landmark case, the Spanish court has ruled that a long-standing and controversial practice of charging non EEA-residents of Spain inheritance tax is discriminatory and therefore, unlawful. Potentially, this sets the stage for those who have paid inheritance tax in the past to file…

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Mass UK wealth exodus follows non-dom uncertainty

A flight of wealthy individuals leaving the United Kingdom is blamed on growing uncertainty regarding the legal status of non-doms. The trend was discussed by experts at a wealth mobility event in London last month, sponsored by Locate Guernsey, which was attended by more than 100 private wealth advisors. Other reasons for the mass move…

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