Saturday, January 19, 2019
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Tax

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.

Many over 55s have more than enough cash from their savings and investments without having to touch the money banked in their Qualifying Recognised Overseas Pension Scheme (QROPS). The question for these savers is how to pass unspent money in a pension pot on to their families and loved ones. Whether...
Culture vultures who invest in art not only have the enjoyment of their collections but a valuable tax offset gracing their homes. Depending on the pre-eminence of the work of art, paintings, sculpture and other works can reduce inheritance tax in the UK. Taking the recent auction of rock star David...
What do you give someone who is so wealthy that they are one of the top earners in Britain? Their own personal HM Revenue and Customs (HMRC) official to personally look after their taxes of course. HMRC has admitted the ultimate status symbol for Britain’s 6,500 richest individuals is a tax...
The United Arab Emirates has shunned calls from the International Monetary Fund to introduce income tax. The Middle East state has an economy heavily reliant on exporting oil and gas, but price falls over the past two years have seen the wealth drain away. To combat the decline in revenue, the...
USA Passport
Record numbers of taxpayers are giving up their US passports – but no one is sure why or even if they are Americans or why they are leaving the country. In the three months to September 2016, 1,380 taxpayers renounced US citizenship, says the US Treasury. All their names were provided...
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...
Tax authorities are spending millions on unnecessary technology and training while accused of cutting jobs and customer services to the bone. Just this week, the Internal Revenue Service (IRS) in the United States and HM Revenue and Customs (HMRC) in Britain have faced criticism for slack spending. In the US, the...
Expats who have money or assets outside Britain can expect to start receiving letters from the UK tax man soon. Hundreds of thousands of letters are being drafted for expats who have returned to the country after spells abroad and for expats considered UK taxpayers who have had overseas assignments. The...
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...
Israeli banks will have to file client data to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA) despite a legal challenge by American expats. The High Court in Jerusalem rejected their argument that FATCA breached their privacy and overturned an injunction ordering the government...
Families worried about ever increasing house prices and the impact of inheritance tax on their estates often consider gifting property to children. But the rules and financial implications of signing a home over to someone else can be complicated and costly. Although homeowners or buy to let landlords can sign over...
HM Revenue and Customs (HMRC) makes more mistakes than taxpayers believe and does not have a good record challenging simple tax avoidance cases, says a new survey. Tax lawyers looked at official figures disclosing the results of reviews and tribunals where HMRC decisions were argued by taxpayers and found that...
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...
An accountant tried to magic up a £1 million tax saving for the actor who played Harry Potter’s best friend Ron Weasley in the movie franchise – but failed to convince the tax man that the move was legal. Actor Rupert Grint was reported to have been paid £24 million...
Homeowners may have cheated HM Revenue and Customs (HMRC) out of billions in tax relief by lying about whether the property they sold was their main home, claims a government financial watchdog. The National Audit Office (NAO) wants HMRC to scrutinise claims for tax relief that surged by 13% to...