Mark Davies reveals a warning for non-doms in ePrivateClient the leading online news service for private client practitioners.

There is a stark warning for non-doms with offshore structures in HMRC’s recent publication “No Safe Havens 2019”. Last year HMRC received 5.67 million records of UK tax payers’ offshore bank accounts under the Common Reporting Standard. They correlated these with the tax return submissions and property sale information of 500,000 individuals. Illegal tax evasion…

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Mark Davies comments in American Ex-Pat Financial News Journal

American ex-pats may be interested in the Chancellor, Phillip Hammond’s recent Spring Statement which unveiled two new publications on the subject of Tax Avoidance. In the American Ex-pat Financial News Journal, Mark Davies comments on the costly effects of honest mistakes for ex-pats living in the UK. Read the article here:- https://americanexpatfinance.com/news/item/133-uk-again-vows-crackdown-on-offshore-tax-evaders-in-spring-statement      …

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Cleansing and rebasing opportunities for non-doms – time to act

A window of opportunity for cleansing and rebasing Those heading for deemed domiciled status have opportunities to protect their assets now through protected trusts, cleansing and rebasing assets. What is a ‘nondom’? A nondom is someone with a foreign (non-UK) domicile. Domicile is a curious concept in English law. It is not the same as tax…

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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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