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’ 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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Mark Davies joins the FT to examine the Autumn Budget 2017

Mark Davies joined the panel of experts at the Financial Times to express his views on the Chancellor’s Autumn Budget. From April 2019, subject to consultation, corporation tax or capital gains tax will be charged on gains made by non-residents on the disposal of UK land and property. “Currently capital gains tax only applies to…

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Autumn Budget 2017 – What does the Budget mean for nondoms and their advisers?

Autumn Budget 2017  Today’s Budget put enormous pressure on the Chancellor to pull something out of the hat, or, at the very least, not to foul up. It was a great day for Maths teachers because over £40 million was committed to their teacher training. The Chancellor was in good spirits and joked “More Maths…

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