HMRC have started to contact UK taxpayers about their offshore income and gains, showing that the UK’s participation in the Common Reporting Standard (“CRS”) is in full force. What is the Common Reporting Standard? Over 100 countries have signed up to CRS and information regarding the level of income and gains earned by worldwide taxpayers…Details
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…Details
The Paradise Papers have highlighted that private jet owners have been bypassing VAT on purchasing their aircraft. Importing aircraft through the EU and shell companies in the British Virgin Islands, the Isle of Man and Guernsey has enabled owners to avoid paying millions of pounds worth of tax. However, aviation and tax experts maintain there…Details
The posting of a searchable database containing the names of the thousands of individuals whose names were contained in the so-called Panama Papers documents could represent a security risk for those named, according to a London adviser who looks after UK resident, non-domiciled clients. Mark Davies, managing director of Mark Davies & Associates, noted that in spite…Details
Mark Davies explains why the Liechtenstein Disclosure Facility (LDF) was broadly successful and warns that the applicants will need to submit their application forms next week to have any chance of getting a certificate of eligibility in time. International Adviser: Experts warn of new rules crackdown by HMRCDetails
Concerned taxpayers do not have much time in which to seek professional advice: Mark Davies for FT Adviser
FT Adviser: HMRC has HSBC Jersey bank customers in its sightsDetails