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.
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There’s quite a buzz around pensions at the moment – and rightly so, as they provide the backbone of our income in our later years. But currently, pension deficits are hitting the news, and figuring them out can still prove difficult.
The Chinese Government´s recent decision to devalue the yuan, along with many other factors, including a multi-year price low in commodity markets; oil prices being down at an all time low, and the likelihood of Iranian oil coming back into the market, is being cited as a sign of impending global recession… is this the case, or simply that these price developments reflect a widespread condition of excess supply, rather than any general shortfall in demand? The optimists within us might well say that rather than China´s position bringing impending doom and gloom to the market, opportunity is knocking.