Tax avoidance penalties for enablers – Latest news from Mark Davies

You may have read in the press that HM Revenue and Customs (“HMRC”) has released a consultation document outlining the latest measures to crack down on perceived Tax Avoidance by UK taxpayers by targeting “enabler” including tax advisors, offshore trustees and banks. The consultation, entitled “Strengthening Tax Avoidance Sanctions and Deterrents”, is purported to be…

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Changes to Non-Dom consultation may be more punitive than anticipated – Mark Davies comments in ePrivate Client

The UK is set to suffer a mass exodus of non-dom settlors when new laws come into force next April, Mark Davies Associates has warned. Changes to the taxation of non domiciles were first announced in the Summer Budget 2015 but, based on the release of specific proposals last Friday (19/08/2016), the implications are likely…

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‘Non-Domiciles need to start making tax arrangements’ says Mark Davies in Bloomberg

Sweeping changes to the U.K.’s taxation of non-domiciled residents will still take effect from April 2017 despite the country’s vote two months ago to leave the European Union, the U.K. government has confirmed. Her Majesty’s Treasury confirmed its commitment to the tax treatment overhaul in an Aug. 19 consultation document, which faced a delay in…

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Devil’s in the detail of Non-dom reform, Mark Davies comments in STEP news

The UK government has issued a second consultation paper and draft legislation implementing its drastic reform of the tax system for resident non-domiciles (non-doms) in April 2017, as announced at the 2015 Summer Budget. The proposals mean that non-doms will no longer be able to mitigate UK inheritance tax on UK residential property through the…

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IHT changes brings good and bad news for Non-Doms, Mark Davies comments in International Advisor

The British government plans to extend its inheritance tax (IHT) rules to cover properties held by non-domiciled residents in an offshore entity. The planned extension of the IHT charge will apply to both individuals who are domiciled outside the UK and to trusts with settlors or beneficiaries who are non-domiciled. The UK Treasury, which issued…

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Crackdown on tax avoidance – Mark Davies comments in the Financial Times

Financial advisers and accountants have raised concerns about the scope of a new crackdown on tax avoidance by the UK tax authorities, fearing it could deter clients from seeking legitimate advice on tax planning. HMRC warned this week that those promoting aggressive tax avoidance schemes to their wealthy clients could face hefty fines in a move to…

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