Tax Avoidance and Tax Evasion

The list below is a collection of articles that refer to, mention or discuss Tax Avoidance and Tax Evasion.

No evidence FATCA infringes rights of Accidental Americans in EU

FATCA on a USA flag

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

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What is FATCA?

FATCA on a USA flag

The Foreign Account Tax Compliance Act or FATCA is essential reading for US expats. The rules are aimed at stamping out tax evasion by American taxpayers who hide money or other assets in unreported offshore accounts. The US Internal Revenue Service (IRS) lists offshore avoidance as one of the ‘dirty dozen’ ways taxpayers try to … Read more

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Secret HMRC Unit Targets Wealthy Families

HMRC logo

A hush-hush tax probe is underway to stop wealthy investors avoiding inheritance tax with family investment companies. HM revenue & Customs set up a special unit to investigate family offices a year ago. The FICs are believed to manage more than £1 trillion in assets which are escaping IHT by exploiting legal loopholes. The main … Read more

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Tax Dodgers Warned They Can’t Hide Money Offshore Anymore

Tax authorities around the world are warning expats to own up to offshore tax avoidance as a new international data sharing network is switched on to full capacity. The Common Reporting Standard links tax services in more than 100 countries. The way the network swaps data is simple. Each country sends every other network member … Read more

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Watchdogs Ban Tax Firm’s Misleading Ads After HMRC Complaint

watch dog

Advertising watchdogs have banned financial advisers from marketing a scheme that claims to save stamp duty of up to 60% when buying a home. HM Revenue & Customs complained about the claims on the web site of CDP Tax and Wealth Ltd trading as Fiducia Wealth & Tax. The web site said: “Calculate Stamp Duty … Read more

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Taxi Drivers And B&B Owners Are Worst Tax Evaders

taxes

If you pay your taxes in full and on time, you will be horrified to know that one in five taxpayers deliberately lie about how much they earn. New research points the finger at the type of person most likely to evade their taxes. More than a fifth of taxpayers ‘under report’ their taxes – … Read more

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The World – A Floating Tax Haven Or Lifestyle Choice?

Piles of money have bought happiness for a group of multimillionaires who spend most of their time on a floating tax haven cruising the globe. The World is a unique ship – part cruise liner and part home that has some of the most expensive apartments that extreme wealth can buy. The cruise ship has … Read more

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Buy To Let Rents Keep Pace With Rising Inflation

Buy to let rents are just keeping pace with inflation, according to the latest data. Landlords saw a 2.1% rise in rents for the year to the end of October, while the cost of living was up 2.2%. But the money paid by tenants varied widely across the country. Rents rose the most in Northern … Read more

Golden Passports Are Potential Tax Dodges, Says OECD

Global tax authorities are worried that rich expats are hiding their wealth in golden passport schemes. The Organisation of Economic Co-operation and development (OECD) has blacklisted 28 schemes in 17 countries that sell the wealthy and their families passports or visas in return for investment. The OECD claims the schemes give the wealthy access to … Read more

40,000 Whistleblowers Tip Off HMRC Tax Dodger Hotline

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 number of calls logged … Read more

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