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.

Opposition to the US Foreign Account Tax Compliance Act (FATCA) has moved to the courts as lobbyists have launched a legal challenge against the law. The suit filed at a federal court in Dayton, Ohio, claims FATCA is unconstitutional and steamrollers a taxpayer’s right to privacy. The opposition is led by...
Austria Back Tracks On Sharing Tax Secrets
Another bastion of banking secrecy has fallen as Austria has backtracked on previous refusals to sign up to agreements to swap tax information with other governments. The country’s Chancellor, Werner Faymann, says he will begin talks with the US to implement its Foreign Account Tax Compliance Act (FATCA) and join...
New HM Revenue & Customs (HMRC) financial profiling technology is sending out letters to taxpayers warning them to check their tax returns for errors because they are suspected of cheating the system by paying less tax than expected. HMRC also threatens that if the tax returns contain errors, the taxpayers...
Landlords do not have to pay capital gains tax at high rates if they are prepared to reinvest their gains for a short time. As part of former Chancellor George Osborne’s tax grab from landlords, he set CGT rates for buy to let property disposals at a basic rate of...
US expats believe FATCA tax rules blights their lives with unnecessary compliance and financial problems, according to a new survey. Most expats quizzed about FATCA and their finances feel that their government has abandoned them and does not care how the Foreign Account Tax Compliance Act (FATCA) impacts on the...
Expats are trying to make sense of how the new financial reporting laws in China may affect them. The Foreign Asset Reporting Requirements (FARR) is aimed at anyone living in China for more than a year and companies registered in the country. Many expats on consultancy projects are based in China...
US expats are fast becoming the world’s financial outcasts as Foreign Account Tax Compliance Act (FATCA) and other tax laws begin to bite. Around 7 million Americans live outside the USA, but in a tax measure that is out of step with most of the rest of the world, the...
Shinzo Abe’s Latest Economic Dilemma
Japan has faced troubling economic times over the last few years. The recession affected majority of the world but the natural disasters that occurred in Japan has sent the nation down a spiralling hole of debt. Prime Minister Shinzo Abe has been credited for aiding the economy into a slow start...
More families are paying inheritance tax than ever as booming property prices swell the value of estates past tax thresholds. Despite Prime Minister David Cameron promising to increase the threshold where families pay IHT to £1 million, three times more families are paying the tax than when he came to...
The Foreign Account Tax Compliance Act (FATCA) started on July 1, 2014 and means big changes in the way the Internal Revenue Service (IRS) digs up data on US taxpayers. More than 100 countries have joined the FATCA network, but not all of them have the same information exchange agreements...
Government coffers received a welcome £216 million boost from life insurance pay outs – but virtually every penny could have been saved. The figures from HM Revenue & Customs (HMRC) revealed families and loved ones had to pay inheritance tax on 40% on the value of life cover over £325,000. But...
Nick Clegg pledges to reduce income tax for earners
Nick Clegg was accused of an ‘ambush’ after a surprise call for a GBP 1 billion tax cut – just as Prime Minister David Cameron left the country for the Commonwealth Summit in Sri Lanka. The Government has constantly increased the personal allowance – i.e. the total amount an individual...
HM Revenue & Customs (HMRC) has revealed the details of a new criminal offence aimed at trapping offshore tax dodgers. The tax man is urging people with undeclared income from offshore bank accounts and investments to come forward and settle their financial affairs or face prosecution. HMRC has launched a consultation...
Around a million of the 6 million US expats living overseas have had bank accounts closed due to Foreign Account Tax Compliance Act (FATCA), says a new survey. Banks, investment houses and other financial institutions claim they have terminated the accounts because the costs of FATCA compliance are too much. FATCA...
The US Foreign Account Tax Compliance Act (FATCA) is a year old as thousands of banks and financial institutions across the world ready to make their first reports about cash and investments held by US expats. Although the law was introduced as part of a raft of tax avoidance legislation...