Tempted to Go Offshore? Catch the Right Bond or Hedge Fund, and You Could Ride a Wave of Impressive Returns
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Summary
IS it smart to have your cash offshore? Cabinet minister Tessa Jowell's now-estranged husband certainly thinks so. But can offshore manoeuvres really help you save tax, on lump-sum "gifts" for instance - and are hedge funds just for millionaires like David Mills?
HM Revenue & Customs has been closing in on offshore banking for some time. Two months ago a ruling by a special tax tribunal put the pressure on high street banks which market offshore accounts linked to credit cards. It gave the green light to an investigation by HMRC which, it has been claimed, could lead to GBP350m being clawed back from account-holders of one bank alone, and billions in total, but little more has been disclosed.See the full content of this document
Extract
Tempted to Go Offshore? Catch the Right Bond or Hedge Fund, and You Could Ride a Wave of Impressive Returns
Valerie Smart, personal tax expert at PricewaterhouseCoopers in Edinburgh, said this week that illicit deposits, rather than undeclared interest, were probably most at risk. "There is absolutely nothing wrong with having a bank account abroad - what is wrong is if you don't ...
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