Saturday, January 19, 2019
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In addition to the latest headlines on tax changes and developments, the Money International tax writers are also providing the tips, deadlines and scams you need to know to make the most of your finances.

News includes information on the latest FACTA developments from the USA, HMRC from England, and other updates from leading financial centers.

We’ll also keep you informed on sanctions and developments taking place within smaller countries – so you can understand the nuances which shape the tax landscape.

In essence, we provide you with the breaking tax news you need to understand how to protect and grow your wealth – wherever you are in the world.

Updates and analysis on the latest tax news, including economic advancements, FATCA and HMRC developments and general international tax information. Including the best methods of tax efficient saving and earning, and any important changes to legislation.

Taxpayers with cash or assets hidden offshore have only a few months to disclose them before tough penalties kick in, warns HM Revenue and Customs. Later this year, HMRC proposes to change the time limits for investigating offshore tax cases to 12 years. “HMRC is extending the time limit because it...
American expats are waiting with bated breath to see if President-elect Donald Trump will repeal the disliked Foreign Account Tax Compliance Act (FATCA). FATCA was the brainchild of outgoing President Barack Obama and introduced to help the Internal Revenue Service (IRS) track down suspected tax cheats with secret money and...
If you are an expat and want to ensure your wealth goes to the people you intend when you die, then you need to understand inheritance tax rules. You must remember is your place of domicile affects the inheritance tax (IHT) that you pay in the UK. The rule of thumb...
A promise that cracking down on tax evasion through offshore havens would raise more than £1 billion has backfired. The UK Treasury and HM Revenue & Customs launched an attack on taxpayers hiding their wealth in secretive offshore banks and financial institutions such as Switzerland and Liechtenstein several years ago. The...
‘I Apologise For Being So Rich’, Says US Billionaire
I’m sorry for the amount of money I’ve made and want to pay more taxes, an American billionaire has written in an apologetic website blog. The message comes from Bill Gross, founder of one of the world’s largest investment funds, the Pacific Investment Management Company (PIMCO). Gross is listed as the 55th...
US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have owned...
Millions of retirement savers jammed help lines to find out how to claim a tax refund on money taken from their pensions under the new flexible access rules. The cash chaos has lit up switchboards at pension providers, HMRC and the new free advice service Pension Wise. On the first day,...
Taxpayers who do not know their rights and fail to take action to minimise the tax they pay are wasting around £4.9 million a year. The average taxpayer pays £165 too much in tax, according to research by financial firm Prudential and IFA web portal Unbiased.com The report also reveals three-quarters...
The Common Reporting Standard is expected to swing into action in a few weeks - but how does this impact expats and the tax they pay? To find out, here’s a list of frequently asked questions about the standard: What is the Common Reporting Standard? The Common Reporting Standard or CRS is...
Around 3.6 million people are still to file their personal tax returns - even though the deadline is just a few days away. HM Revenue & Customs says they are expecting the returns and tax payments to come in before time runs out at midnight on January 31. Every year, around...
American taxpayers with dual citizenship can soon renounce their US citizenship without facing exit taxes and other penalties if a new law passes through Congress. The government has recognised that the new Foreign Account Tax Compliance Act (FATCA) has put an onerous financial burden on thousands of US expats whose...
English Premier League soccer stars face bills adding up to £250 million after pouring cash into a discredited tax avoidance scheme. Nearly 150 players are caught up in the scandal. Many face financial ruin if they cannot pay the massive bills sent out by HM Revenue & Customs. One former Manchester United household...
Death taxes for families reached a record high of more than £5 billion last year, according to figures from HM Revenue & Customs. The inheritance tax take was up £400 million to £5.2 billion despite the launch of a new allowance allowing parents to pass on more of their wealth...
The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in 2016...
Duty free shops are not the cheap havens for buying booze, perfume and trinkets that they are cracked up to be for many expats. Although at least one in three travellers browse the aisles in duty free shops, in many cases the prices are not the bargains they seem to...