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What is your duty to co-operate with your regulator?
Zoe Beels
Press reports of this week’s Anti-Corruption Summit, hosted by David Cameron, coincided with the story of actress Emma Watson allegedly buying a UK property through a BVI company. While investment in UK property through offshore companies is perceived as a principal means by which corrupt individuals seek to launder dirty money, Mr Cameron accepts that there are many legitimate reasons for corporate property investment.
The ability to make a Will and make gifts to loved ones is something most of us take for granted. One of the most common reasons for doing these things is to reduce the Inheritance Tax (IHT) payable on our death.
In the 2015 Budget, George Osborne announced that, from 6 April 2017, certain new categories of non-UK-domiciled individuals will be deemed to be UK-domiciled for tax purposes. This will result in the loss of a significant tax planning opportunity for some couples who have non UK assets; are separating or contemplating divorce; and wish to make an offshore transfer between each other in a tax efficient fashion after the new rules take effect.
One of the themes of recent Governments has been a tightening of the rules for the taxation of individuals with international interests. We are likely to see this theme continue in 2016. In this blog, we set out five of the key developments on this topic.
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