In the aftermath of the Panama/Paradise Papers, the International Bar Association (IBA) and the Secretariat of the Organisation for Economic Co-operation and Development (OECD) have issued eight principles for the legal profession to follow. Few people would disagree with Principle 1 that ‘you should not unwittingly help a client hide illegal conduct’, or Principle 3…Details
https://www.thetimes.co.uk/article/millionaires-flee-uk-over-fears-of-political-chaos-swr9fggfv The Times Saturday, May 11th The Global Wealth Migration Review 2019 published by New World Wealth research group has revealed some startling statistics on the number of Ultra High Net Worth Individuals leaving the UK permanently in the last 2 years, with 7,000 more leaving than arriving. Australia and Canada seem to be…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
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 …Details
How 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…Details
Contrary 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…Details