We are living through exceptional days. Understandably, the spread of COVID-19 and the measures that have been implemented to delay its transmission mean that tax may not be at the forefront of people’s thinking. However, there may be significant tax consequences for those individuals forced to remain in the UK due to measures outside of…
DetailsCorbyn forcing people to move money offshore before Election Day Wealthy individuals are fearful that Jeremy Corbyn will be the next Prime Minister of the United Kingdom causing their wealth and the value of GBP to depreciate. As such these individuals have opted to transfer their money offshore ahead of the general election on…
DetailsHMRC 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…
DetailsHow does the Spring Statement 2019 affect non-doms? As expected, the Chancellor, Phil Hammond, had relatively little to say in tax terms in his Spring Statement. This is because all the tax changes coming into effect in April 2019 were announced in last October’s Autumn Budget. Anyway, anything he might say is overshadowed by the…
DetailsContrary to popular belief, international tax planning is not so much about avoiding tax. Usually advisers help their clients avoid being taxed more than once on the same profits. Use of Dutch Sandwiches or Subsidiary Companies It is not uncommon for a subsidiary company to pay local tax on its trading revenues, then declare a…
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