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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Protected Trusts – what action should our clients take?

HAVE PROTECTED TRUSTS TURNED INTO FALSE PROMISES? Those worrying about what else has been neglected, whilst the UK government’s attention is wholly fixed on Brexit and infighting, will take no comfort from HM Revenue’s recent statement that offshore income gains are not within the new Protected Trusts regime. Background The introduction of the Deemed Domicile rules for income and capital gains tax from April 2017 ended the unlimited access…

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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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