News & Insights

Tax evasion

The news is expected to make uncomfortable reading for those who have been arguing that new regulations and disclosure laws have been at last putting an end to the use of so-called tax havens by wealthy people and companies keen to hide their assets from authorities.

In its online report, the BBC says the leaked documents “revealed how the rich and powerful use tax havens to hide their wealth”, as well as to help its clients to “launder money, dodge sanctions and evade tax”.

Those mentioned in the report are UK Politicians, current heads of governments from across the world, dictators, celebrities and the super-rich. Even David Cameron is under pressure to reveal if his family still has cash in tax havens after it was revealed his late father Ian ran an investment fund that never had to pay tax in Britain. But worse was yet to come; British-owned or London-based banks were revealed to be at the heart of the Panama tax scandal.

Leaked documents show that HSBC, Rothschild, Coutts and UBS – all giants of the banking industry – are among the top 10 banks who asked Mossack Fonseca to set up 15,600 offshore companies. HSBC, Britain’s biggest bank and the second largest in the world, helped set up more than 2300 offshore companies, according to leaked documents. Private bank Coutts set up almost 500 offshore companies over the past 40 years, Swiss Bank UBS, whose investment bank is based in London, asked for 1,300 offshore companies for clients.

There are many legitimate ways you can mitigate your tax liabilities, without involving companies in far flung places you have never heard of or been to. 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.  Fill in an enquiry form here to find out how we could help you with your finances. 


Other News

UK Pension Tax Relief Amounted to £51.6B Last Year

The HRMC has revealed that the cost of pension tax relief in the UK last year amounted to the astronomical sum of £51.6 billion. This is due to the tax relief that UK citizens receive on contributions to their pensions (up to the annual allowance limit) and the NI relief that employers also receive on […]

Read More

Alternatives for Savers?

Blacktower Alternative SavingsYour cash is earning nothing in the bank, in fact it’s actually losing its worth in all probability because of the corrosive effect of inflation.  Even ostriches have to raise their heads at some point, if only to breathe.

Quite frankly it’s time for people to start taking control of their money instead of letting the banks bleed them.  In the days we are in now with increased life expectancy, a longer wait for retirement and the pension freedoms that there are around, there could not be a better time for savers to act and improve their lot.  So you go to see a financial adviser, what is he going to say?

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: