Disclosure of assets
In light of the Panama Papers and their revelations, it would appear that it is not only tax evasion is in the headlines but also tax avoidance schemes. Evading tax by concealing income is illegal, avoiding tax by exploiting the tax rules technically is not.
To help tax authorities in various countries hunt out those individuals and companies trying to hide assets, the UK has recently signed a disclosure of asset agreement with Spain, Germany, France and Italy. What does this mean? It means that the UK, in partnership with France, Germany, Spain and Italy, have passed regulations that will lead to the automatic sharing of information about the true owners of companies, complex shell companies and overseas trusts.