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.

Legalising cannabis could spell £1.25 billion tax benefit for UK

Legalising cannabis could spell £1.25 billion tax benefit for UK

A new study has added to the long-running debate on cannabis legalisation – and proposes both legalising and then taxing the drug could reduce the Government deficit by up to £1.25 billion – without necessarily damaging public health. The study, undertaken by the Institute for Social and Economic Research at the University of Essex, suggests … Read more

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US Expats Renouncing Citizenship at Alarming Rates

US Expats Renouncing Citizenship at Alarming Rates

American expatriates are giving up their citizenships at a shocking 6 times more than in the same period last year. In the first half of this year alone, 1,810 individuals have handed in their passports to United States embassies all over the world. The US tax laws aimed at offshore citizens are tightening and they … Read more

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Family inheritances lost as elderly fund care costs

Family inheritances lost as elderly fund care costs

Millions of pensioners are funding long term care costs out of their retirement savings or by selling their family homes. Most families who have seen an elderly relative go into long term care lose most of their inheritance to fees, according to research by financial firm NFU Mutual. The firm says this will come as … Read more

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Shinzo Abe’s Latest Economic Dilemma

Shinzo Abe’s Latest Economic Dilemma

Japan has faced troubling economic times over the last few years. The recession affected majority of the world but the natural disasters that occurred in Japan has sent the nation down a spiralling hole of debt. Prime Minister Shinzo Abe has been credited for aiding the economy into a slow start to recovery, but his task is … Read more

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Offshore Savers Set For Lower Rates

Offshore Savers Set For Lower Rates

Banks and building societies are cutting expat savers adrift as yet another offshore financial institution closes. Expat savers have faced a two-pronged attack in recent years – a tightening of tax rules and low interest rates. Combined, a tougher regulatory landscape for offshore banks and a lack of return on money invested for savers have … Read more

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FATCA Wealth Advisers Step Into To Fill Banking Void

FATCA wealth advisers are taking on the financial affairs of US taxpayers that banks and other financial institutions are finding too hot to handle.

FATCA wealth advisers are taking on the financial affairs of US taxpayers that banks and other financial institutions are finding too hot to handle. The Foreign Account Tax Compliance Act heaps regulations of financial institutions worldwide with US clients. The demands include declaring the identity and investment transactions of any US taxpayers listed as clients. … Read more

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Austria Back Tracks On Sharing Tax Secrets

Austria Back Tracks On Sharing Tax Secrets

Another bastion of banking secrecy has fallen as Austria has backtracked on previous refusals to sign up to agreements to swap tax information with other governments. The country’s Chancellor, Werner Faymann, says he will begin talks with the US to implement its Foreign Account Tax Compliance Act (FATCA) and join several other European countries, including … Read more

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Expats Pay More Savings Tax In Cyprus Than In UK

Cyprus

British expats in Cyprus moved because of the sun, sea and…lower taxes; only to find they are sometimes paying more now than they would at home now bail-out austerity measures have begun to bite. Part of the deal with the Eurozone over bail out conditions was an increase in tax on interest earned from savings … Read more

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HMRC’s Fight Against Tax Dodgers Falls Flat

HMRC’s Fight Against Tax Dodgers Falls Flat

The British taxman’s attempt to tackle tax evaders with a rule of fear seems to have backfired. An official report reveals HM Revenue and Customs has failed to reach modest prosecution targets over the past two years and will fail to hit them if the current trend continues for future years. This is despite a … Read more

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European FATCA On The Way To Simplify Tax

European FATCA On The Way To Simplify Tax

A European law compelling banks and financial institutions to reveal the financial details of their customers living in other European countries is a step closer after leaders said they would crackdown on tax dodgers. Using the controversial American Foreign Account Tax Compliance Act (FATCA) as a template, the European Union says they broadly support efforts … Read more

Categories Tax