Offshore Tax Information
Which Tax Haven
There are many different offshore banking jurisdictions located around the world.
It will be up to you and your financial adviser to select the jurisdiction most suited to your needs. Here we explain some of your options.
Why Tax Havens
Tax havens may have once been evocative of a James Bond lifestyle and shady goings on.
Today they are a legitimate and commonly used vehicle to best achieve a number of financial goals for ordinary individuals, especially British expatriates interested in achieving foreign tax bonuses.
UK Inheritance Tax
Inheritance Tax (IHT) is levied on your Estate and assets upon your death. The rate is 0% on the first £325,000 of a person's assets, and 40% thereafter.
Let us show you how you can reduce your Inheritance Tax liabilities.
Simple Tax Solutions
If you are classed as a UK resident all your earnings will be subject to tax, even if you are working abroad.
However, if you are a non-resident of the UK you will only be taxed on money earned within the UK.
Income Tax and Residency
An increasing number of people are making the decision to work and move abroad.
For many of these people one of the big bonuses of doing so would be to reap the benefits of overseas tax systems and thus going a long way to preserving their individual wealth.
Tax and Working Offshore
To avoid UK tax you must first become a non-resident, even if you are working in another country.
UK residents are taxed on income worldwide, so you would have to apply and meet the non-residency requirements.
How an IFA helps with Tax
An IFA can advise you on the different types of offshore financial services available to you. Reducing your tax liability is an important factor in almost all forms of offshore finance.
A specialist offshore financial adviser will be able to help you minimise income and capital gains tax.
EU Savings Directive
The EUSD states that all EU member states will share details regarding people residing in one EU state who earn savings income in another EU state.
Therefore this legislation will affect individuals who live in EU member states or who hold joint accounts within the EU.
