Wednesday, November 20, 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.

American Bitcoin traders are in the sights of the Internal Revenue Service for failing to report their trading gains. The IRS considers tax on a large share of up to $150 billion of Bitcoin trades should go to the US Treasury and is taking steps to secure the cash. The IRS...
A British couple who moved overseas but made regular visits to the UK of fewer than 90 days a year were still resident in the UK because they had not made a clean break from the country. Anthony and Sally Peck wanted to retire to the South of France after...
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...
Donald Trump says America is the most taxed nation on earth, but it’s just not true – plenty of other countries are vying for the title. Take his plan to scrap inheritance tax as part of his self-proclaimed crusade to reform taxes. To a family in Britain, France or Spain, that...
experts are warning that as many as 90,000 wealthy retired investors could lose significant amounts of money because they are not holding their investments in tax-efficient wrappers. The warning follows Chancellor Phillip Hammond’s grab for revenue from investors by slicing 60% off the £5,000 tax-free dividend allowance. The measure was announced...
Hundreds of thousands of investors looking forward to a cash bonanza as companies ready to pay record dividends will have to hand over more tax. As companies put together plans to issue dividends of almost £91 billion, the government has punched a hole in shareholder investment strategies by reintroducing plans...
Behind the scenes campaigning and election pledges that are yet to come to fruition do not mean US expats can ignore FATCA. Lobbyists have joined under the banner of the RepealFATCA website to influence Washington DC policymakers to scrap the Foreign Account Taxation Compliance Act, but their tireless walking of...
If you are late filing a tax return, here are 10 stupid hilarious excuses that failed to win any sympathy from the tax man. All were reasons put forward by taxpayers for not paying what they owed or submitting self-assessment returns on time. The deadline for handing a self-assessment return online...
Tax changes and tougher mortgage lending rules have put the brakes on buy to let borrowing by property investors. Banks and building societies report landlord borrowing has dropped by 19% in a year mainly due to a government onslaught to stop landlords buying homes to rent. Mortgage lending in March was...
The start of the new tax year in the signalled some big changes for expat property investors – and more may follow soon. The long-awaited controversial axing of mortgage interest tax relief for higher rate payers is the major rule change to afflict landlords. Not only are hundreds of thousands of...
The UK tax man is calling on expat married couples to stop filing capital gains tax return when they switch shares in properties they own. HM Revenue and Customs (HMRC) is concerned married couples do not understand the CGT rules for non-residents and are wrongly filing tax returns. The rules for...
taxes
Legal experts are warning the over 55s to watch out for tax traps that could ruin their plans to leave their homes to loved ones. From April, a new family home allowance lets married couples pass homes worth up to £350,000 to direct descendants without paying inheritance tax on their...
A lawyer’s long tale of bad luck failed to win him a legal challenge against penalties for investing in film partnership tax avoidance scheme. Solicitor Joginder Nijjar’s tale of woe started in 2008 when he filed a self-assessment tax return that was investigated by HM Revenue and Customs. In the same...
The filing deadline for UK self-assessment is ticking away – but it’s not too late to avoid a fine if your paperwork is not ready. A work round exploited by accountants can easily stop HM Revenue and Customs (HMRC) charging a £100 automatic penalty and give late filers some breathing...
A tax row has kicked off about millions of pounds English Premier League footballers and managers earn as image rights. Image rights are payments for advertising and endorsements paid to the players and managers for lending their name to promote a product or service. The money comes from activities such as...