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Expat financial services providers should consider MARD

However, it is only since 2014 that HMRC has been able to issue Advanced Payment Notices to expatriates who have used disputed tax avoidance / tax minimisation schemes. These APNs mean that those under investigation must pay upfront and dispute later.

There are a number of issues to consider for expatriates under investigation, not least for high net worth individuals living abroad who may find themselves unfairly targeted as a result of political motives and internal HMRC investigation targets.

Whatever the case, and whatever the possible rights and wrongs, it is essential that expats respond promptly to local tax authorities operating on behalf of HMRC – and the first component of this should be ensuring reliable expat financial advice together with jurisdictional legal advice.

Once this has been done there may, depending on the individual case, be plenty of scope for challenging the recovery of the claimed liability using MARD procedures.

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.

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Tax Planning for an Easy Retirement

Blacktower FM Couple With Advisor

One of the most important parts of financial planning is the use of tax allowances. I would say at least equal to, potentially more than sound investment advice.  There are several ways to consider your tax bills both annually and in retirement…. Pay today, pay in the future, transfer to other people or reduce future tax bills today, using legal financial advice.

A common misconception is that people reduce their tax bills by using complicated, unethical tax schemes using multi jurisdictional allowances, without looking into the use of completely legitimate and simple planning. In the UK that is available for everyone.

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The tax advantages of living in Gibraltar

GibraltarLocated at the Southern tip of the Iberian Peninsula, the British overseas territory of Gibraltar looks South over the confluence of the Mediterranean Sea and the Atlantic Ocean. This small but strategically important isthmus of land, is home to over 32,000 people in just 6.7 km2 (2.6 miles2) of land. As a British crown dependency, the laws and language are those of the United Kingdom, but Spanish is also widely spoken along with the hybridised form of the two known as Llanito. Due to its location and close links with the UK, Gibraltar has long been a favoured destination by British expats looking for sunnier climes and an attractive tax regime. Although it’s not quite as well-known as some other offshore territories such as Monaco and the Cayman Islands, Gibraltar tax rates make it a very attractive choice for anyone looking to relocate within easy striking distance of the UK and Western Europe.

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