Articles & Video
Requirement To Correct Tax Due On Offshore Assets
As HMRC continue their mission to stamp out offshore tax evasion new legislation could result in many inadvertent casualties. The Requirement to Correct (RTC) legislation imposes significant fixed penalties and sanctions if underpaid tax is discovered as being owed in relation to offshore assets.
Tax Reform - Estate and Gift Tax Update
Following President Trump’s signing of the Federal tax bill on 22 December 2017, the effective lifetime Estate and Gift Tax exemption for US citizens & residents (domiciled) has increased from $5.49m in 2017 to approximately $11.2m per individual (approaching $22.4m for US citizen or US domiciled married couples) with effect from 1 January 2018. The inflation adjustment factor has not yet been finalised.