Tax Articles

IHT Loophole Tempts Elderly To Buy Bigger Homes

Inheritance tax advice has taken a U-turn after Chancellor George Osborne unintentionally opened a legal loophole for pensioners. In his Summer Budget, Osborne confirmed a Tory election manifesto promise to expand the nil rate band for inheritance to £1 million from £650,000. Claiming the extra £350,000 takes some working out – but wealthy … [Read more...]

Spanish Tax Man Targets Wealthy Expats

A tax crackdown by Spanish authorities on residents holding assets worth more than £40,580 offshore could lead to massive fines – and expats are in the firing line. Some expats could lose everything – and still owe the Spanish taxman money. Anyone who is liable for Spanish taxes has until the end of March to declare their assets or face … [Read more...]

HMRC wins £77m to beef up tax task force

Chancellor George Osborne is cracking down on wealthy individuals and companies to raise £2 billion in extra taxes lost to offshore financial schemes. An extra £77 million will go to HM revenue & Customs (HMRC) to beef up the tax man’s fight against offshore avoidance. The focus is on corporations and the wealthy sheltering their money in … [Read more...]

Surprise Tax Demands Add To Holiday Home Woes

Buyers of homes in Cyprus have received surprise tax demands for the interest generated from cash locked in property developers’ escrow accounts. Cypriot house builders demand stage payments rather than a deposit and final purchase of a property, so most buyers hand the cash to a lawyer or bank to prove they have the cash to fund the … [Read more...]

Tax planning is about not paying too much, not too little

Bullying expats about offshore tax planning is in the media spotlight as many ordinary folk struggle to get past on earn shrinking against inflation. Managing your wealth is not wrong - the law says you can as long as you don’t commit a crime by evading tax. The big issue is not what expats do with their money to minimise the amount of tax … [Read more...]