George Osborne said the transparency rules on beneficial ownership showed that Britain and other governments were working to shine a spotlight on “those hiding spaces, those dark corners of the global financial system”. Osborne said he hoped that the regulations, which will come into effect in January 2017, would be followed up by other countries.
It has also been reported that finance ministers from other European countries had pushed Britain to extend the new rules to all trusts, rather than just those that “generate tax consequences “and will continue to do so.
It is clear from the above that avenues that allow non-disclosure of assets to a tax authority – whether it be for the super-rich, corporations or individuals – are slowly being closed or their existence and beneficial owners are being disclosed to tax authorities.
If you haven’t done so already now is the time to get your financial affairs in order, you may no longer be able to evade or avoid tax but you can ensure your investments are in tax-efficient products, approved by the tax authorities with full transparency. There are many legitimate ways you can mitigate your tax liabilities, if you want to know what your options are, I am here to help you find the right solution to make your money work for you, in the most tax efficient way possible.
You can find out more about our wealth management services here and contact me directly.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
This month the two main pensions regulatory bodies, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR), announced that they have joined forces to improve the prospects of retirees and pension savers. Previously, the two have worked together in an attempt to protect savers from pension scams.
If you are resident in Spain (if you live here more than 183 days in a calendar year, the Spanish tax authorities and in turn the UK HMRC will class you as Spanish resident) and held assets outside Spain as at 29 December 2017 worth over Euro 50,000, and you haven’t already declared them on a Modelo 720, you need to so by the end of March.