No evidence FATCA infringes rights of Accidental Americans in EU

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Thousands of Accidental Americans living in Europe are not having their right to a bank account compromised by the US Foreign Account Tax Compliance Act. Under the Payment Accounts Directive, every European Union citizen has the right to open a bank account, but some banks have frozen or refused to open accounts for Americans because … Read more

Categories Tax

Big Brands Born With Backing From Venture Capitalists

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Many of the world’s biggest brands started life as spare room start-ups with the backing of venture capitalists taking a punt on making a profit. The roll of honour includes some of the most successful companies ever, like Google, Facebook, Hewlett Packard and Microsoft. Business angels offer expertise and to bank roll start-ups that they … Read more

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a relative’s name. Ehsan Tayefi, aged 39, from South West London, was the director of Numex Foreign Exchange Corporation (UK) Ltd. The company carried out foreign currency exchanges through a major platform … Read more

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending a mortgage lifeline to landlords who pass on the help to tenants who cannot pay the rent due to illness or the loss of income due to the deadly virus. … Read more

Bigger Is Not Always Best For Pension Savers

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The new pensions dashboard may encourage retirement savers to tidy their finances by consolidating pensions – but this is not always a good idea, says one expert. Former Pensions Minister Steve Webb, who is now a director at financial firm Royal London, reckons savers should take professional advice before consolidating  as the wrong decision could … Read more

Pension Savers Pay £433m Too Much Tax

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Thousands of over 55s have overpaid millions in tax after drawing money from their retirement savings under flexible access pension rules. The mandarins at HM Revenue & Customs resolutely refuse to change the rules, which has left taxpayers fuming for paying too much income tax which they then have to claim back. Although HMRC says … Read more

Pension Passport Triggers Savers Into Action

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Cutting red tape and diluting the financial options for retirement down to just one page has paid off for savers unsure what to do about their pension money. The government’s Behavioural Insights Team – better known as the ‘nudge unit’ – designed a pension passport for three major providers to send to their customers who … Read more

Fine Art Scam Shut By Courts After Brush With The Law

Two companies involved in a £1.4 million fraudulent art investment have been closed after a brush with the law. After a flood of complaints, Halifax Mannin Ltd, based in Trawsfynydd, Wales, and Hey Design Services Ltd, of Kingstanding, Birmingham, were wound-up in the public interest at the High Court, Manchester. The court closed the companies … Read more

35 Countries Set To Licence Crypto Exchanges Like Banks

The world’s leading economies have agreed a strategy to regulate cryptocurrency exchanges in the same way as they lay down rules for commercial banks to operate. The plan was drawn up by the Financial Action Task Force– a talking shop and think-tank for 353 of the world’s leading economic nations. A report agreed and circulated … Read more

Middle-Aged Don’t Trust Family With Their Money

Concerns over trusting dishonest relatives with their money are stopping one in three middle-aged people from making financial arrangements for their later years. Giving someone power of attorney is the recognised way of appointing a trusted person to manage someone’s finances once they can no longer do so themselves. But 79% of over 45s do … Read more