Articles & Video
Complex offshore structures – traps and pitfalls: a practical guide
There has been a growing trend over recent years for the development of bespoke and complex holding structures to accommodate the needs and sensitivities of ultra-high net worth individuals. Often, the clients originate from civil law jurisdictions and as a consequence are unfamiliar with trusts and the fiduciary relationship created. There is (understandably) suspicion.
I can see clearly now…
In recent years, there has been a positive deluge of reporting initiatives affecting UK individuals, entities and structures with a UK connection. Some of these have come from the USA (so-called “FATCA”), some from the OECD (the Common Reporting Standard), others from the EU (as a result of the 4th Anti Money Laundering Directive) and others are simply ground-breaking initiatives by the UK government.
An Opportunity To Reform The UK Tax System?
Recent statements by the Chancellor of the Exchequer Philip Hammond suggest a willingness to overturn some of the piecemeal changes put forward by his predecessor and to take a broader view of the UK fiscal system. So what can we expect at the Autumn Statement? We suggest five areas that the Chancellor may wish to tackle.
Tax the Elite!
Lady T proved, if tax rates get too high people find ways not to pay it. If income tax gets too high people pay themselves in other ways; capital gains or deferred income
Buy-To-Let Landlords: Yet Another Stealth Tax?
Over the last couple of weeks there has been much discussion over the possibility that Buy-To-Let landlords may find themselves subject to income tax at rates up to 45 per cent on any gain they make when disposing of a property, instead of capital gains tax at 18 per cent or 28 per cent. HMRC has provided reassurances but the legislation needs to be far clearer
Has The Treasury Misled Taxpayers?
In the Finance Act 2014 the Government introduced anti avoidance provisions called Pre Owned Asset Tax which charged an income tax charge on taxpayers who had entered into a ‘double trust scheme’ to avoid an inheritance tax on their own homes. Many of these people had entered these schemes confident that they were within the law, relying on Counsel’s opinions and taking advice from top ranking lawyers.
Worldwide Disclosure Facility: Offshore Assets Last Chance New Disclosure Facility Offers ‘Last Chance’ For Those With Undeclared Offshore Interests
Last week HMRC launched the new Worldwide Disclosure Facility (WDF) – a new online facility which provides a ‘last chance’ to those who want to disclose a UK tax liability that relates wholly or partly to offshore interests. Unlike previous facilities, the WDF offers very little in the way of carrot, and rather more in the way of stick given the new sanctions that are set to be introduced in 2018.
Does Tax Avoidance Have A Future?
When all is said and done, you either pay the tax due or you do not. You are a compliant taxpayer, or a tax evader. So does tax avoidance have a future? And what does the Cheshire Cat have to say about this?
There is a respectable argument that tax avoidance does not have a future. Indeed, some say that "tax avoidance" is not a tenable long-term position for any individual or business. The argument goes something like this.
EU List Of Non-Cooperative Tax Jurisdictions- Commission Launches Work To Create First Common EU List Of Non-Cooperative Tax Jurisdictions
The European Commission is forging ahead with work to draw up a first common EU list of non-cooperative tax jurisdictions by presenting a pre-assessment ('scoreboard of indicators') of all third countries according to key indicators.