Off shore destinations

Old Aug 21st 2011, 11:02 am
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Default Off shore destinations

You know the sort of places HMRC wouldn't get anything and if they do it would take them minimum 8 month & by then you probably have moved to a Vanuatu (courtesy of the same bankers).

Apparently Singapore is better than Liechtenstein .

Any other destinations?
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Old Aug 21st 2011, 11:20 am
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Default Re: Off shore destinations

This is something dear to my heart and am currently researching:

Panama - apparently difficultly, never been done since 1907 and red tape galore.

Have you looked at any different structures

Gent
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Old Aug 28th 2011, 6:28 pm
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Default Re: Off shore destinations

Originally Posted by UKCityGent View Post
This is something dear to my heart and am currently researching:

Panama - apparently difficultly, never been done since 1907 and red tape galore.

Have you looked at any different structures

Gent
This was announced few days ago....


George Osborne warns tax cheats: 'I will find you and your money'

Osborne, however, is said to be more keen on a series of high-profile but politically painless tax-avoidance measures like the deal with Switzerland. Under the agreement, UK accounts held in Switzerland in May 2013 will be subject to a one-off levy of as much as 34% of the contents.

Swiss authorities will then impose a "withholding tax" on British-held accounts that are not properly declared to HM Revenue and Customs. Approximately £100bn-£125bn of British investors' money is currently believed to be in Swiss banks.
Taking action on Jersey and the Isle of Man I see..... actually, I don't see. We have tax havens in our jurisdiction and we do nothing about it. Says it all really
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Old Aug 28th 2011, 8:25 pm
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Default Re: Off shore destinations

Isn't this the difference between tax evasion and tax avoidance?

Thankfully we're neither evading nor avoiding UK tax.
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Old Aug 29th 2011, 5:51 am
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Default Re: Off shore destinations

Originally Posted by alfrombarking View Post
This was announced few days ago....



Taking action on Jersey and the Isle of Man I see..... actually, I don't see. We have tax havens in our jurisdiction and we do nothing about it. Says it all really
The relevance is where the individual is resident. If you are a UK resident you are still subject to tax on income (interest) received from accounts in places like Jersey and the Isle of Man. There is disclosure, where as there has never been on Swiss accounts.

Big difference.
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Old Aug 29th 2011, 6:39 am
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Default Re: Off shore destinations

Malaysia? Under the MM2H (Malaysia My Second Home) retirement visa, you can become "tax resident" of Malaysia after spending more than half a year of the Malaysian tax year (that's Jan to Dec).

Under the MM2H visa, all offshore income (anything apart from Malaysian income) is taxed at Zero Rate.

If you're a Brit, you tell HMRC you are tax-resident in Malaysia (can get a form here) and, under the double taxation rules, you are then taxed in Malaysia (errr that is Zero tax ) Easy peasy.

No inheritance tax in Malaysia (or Singapore) but proving to British Authorities that you don't fall within their grubby hands might be challenging, not that I'll be bothered when I'm 6 feet under
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Old Aug 29th 2011, 9:31 am
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Default Re: Off shore destinations

Originally Posted by bakedbean View Post

No inheritance tax in Malaysia (or Singapore) but proving to British Authorities that you don't fall within their grubby hands might be challenging, not that I'll be bothered when I'm 6 feet under
If you have any family they might find it a bother though....

N.
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Old Aug 31st 2011, 10:22 pm
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Default Re: Off shore destinations

Originally Posted by Norm_uk View Post
If you have any family they might find it a bother though....

N.
This is the same HMRC that couldn't arrest anyone during the height of the VAT scams that every tom dick and harry I know was into.

The trick is to have a smart lawyer and accountant
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Old Sep 1st 2011, 5:57 am
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Default Re: Off shore destinations

Think you're correct there
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Old Apr 6th 2012, 4:42 am
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Default Re: Off shore destinations

Originally Posted by bakedbean View Post
Think you're correct there
Updates

As it happens, HMRC have signed MoU with several Governments financial intermediaries 0such as banks and trustees) to identify persons:

-Who have a benefificial interests in relevant property in those coutries 9tax heavens/off shores) and

-Which the financial intermediary knows has had a residential address in the UK or has been a resident for tax purposes in the UK or who has been identified in the docs (you signed) as having UK address from around August 1st 2009


Basically, HMRC will take 40% of whatever you have stashed away

better visit your bank and explore "available options"
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Old Apr 7th 2012, 1:43 pm
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Default Re: Off shore destinations

Are you talking about Inheritance Tax (IHT)? UK law states that anyone who is UK domiciled is subject to IHT on their worldwide assets, in excess of the allowance. This now stands at GBP 325k, is double in the case of a married couple (yes, a simplification for the pedants out there) and there is no IHT on transfers to a spouse.

The fact is that only a minority of British nationals pay any IHT on death.
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