Wednesday, November 20, 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 are paying the government more money now than they have paid in the past 50 years, according to a new study. Tax has reached a 49-year high, says the Taxpayer Alliance, a lobby group that monitors tax and government spending. In 2018, taxes will make up 34.3% of the country’s...
£160 billion cash held in onshore savings accounts was earning interest at 0.5% or less in 2013 – and confused investors often do not know how much banks and building societies are paying in interest rates. As a result, one in eight savers has not switched accounts in the past...
The income tax powers offered by the UK Government to the Welsh assembly are "pretty much useless," according to First Minister Carwyn Jones. “As a way of encouraging the economy to grow it's pretty much useless,” reads his full statement. The Welsh Labour Leader will give evidence to MPs early next...
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...
You may believe you are an expat because you have lived overseas for a while, but under complicated rules this may make no difference to your tax status. These rules are important because they determine if you are resident in the UK for paying tax on your earnings and capital...
Ireland’s 400,000 Vodafone shareholders do not have to face a heavy tax bill on the EUR 27.5 million windfall payment expected from the company next month, the Revenue Commissioners have stated. The reason, a briefing document from the tax office explained, is that nearly 15 years after the first investment,...
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Only days after finance ministers of the elite G20 developed nations agreed to back a global tax information swapping network, two nations have stepped up efforts to root out tax payers sheltering their cash offshore. In Britain, Chancellor George Osborne is sending tax sleuths after the wealthy he accuses of...
Civic leaders in the Florida city of Orlando have voted to hike property taxes by nearly 18%. Orlando is a favourite sunshine destination of thousands of expats and holiday home owners from Britain and other European countries. The tax increase of 17.7% is likely to lead to rising rental prices as...
The Scottish government is introducing a new range of tax bandings that will see bigger tax bills for many expats who pay tax at home. Any expat who is tax resident in Scotland will pay income tax at the new rates from April 2018. The move could prove bad news for...
Expat employers could face prosecution for their overseas employees failing to declare their earnings under strict new laws. HM Revenue & Customs (HMRC) wants to make offshore tax evasion a criminal offence – but a loophole in the draft legislation could catch employers who have done nothing wrong and who...
HM Revenue & Customs (HMRC) scrutiny of tax returns has seen the number of taxpayers fined for careless mistakes rise by almost 300% in a year. Official figures show 14,401 taxpayers paid penalties for deliberate mistakes on tax returns in the 2013-14 tax year compared to 5,162 in the previous...
The tax man may not pick up the phone as quickly as most taxpayers would like but whistleblowers seem to have no problem getting through. HM Revenue & Customs has revealed more than 40,000 callers clamouring to tip them off about tax cheats got in touch last year. That’s double the...
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...
Italy's Government made more changes on Wednesday to its already much-altered housing tax system. Now, local authorities have the ability to raise the tax rates on more costly homes, in order to fund deductions for Italy’s lower income households. Announced by Italian Prime Minister Enrico Letta's left-right office, this is the...
The global network to stamp out tax avoidance is spreading as the G20 group of countries agreed to exchange tax information. Backed by the Organisation of Economic Cooperation and Development (OECD), the new tax measures will allow G20 countries to swap financial information about businesses and individuals with bank accounts...