Super Rich Stranded by Lockdown
Today in Bloomberg , Mark Davies describes the recent havoc wreaked on his clients’ tax plans:-
“The pandemic means we’ve now got people stuck in the U.K. who didn’t intend to be here, and people who did want to be here that couldn’t,” he said. “It’s gone both ways.”
With international travel out of the question, many have found themselves unintentionally tax resident in the UK, which may trigger tax charges for which they had not planned.
Countries around the world have tried to reassure those affected but with no end in sight it is difficult to give any certainty.
The aftermath of Covid 19 may see costly and complex tax reviews for those needing to negotiate the double tax treaties of the jurisdictions in which they were trapped. And these will come at a time when taxes are sure to rise drastically to meet the lockdown bill.