Revenue and Customs has written to hundreds of offshore clients warning them against attempted tax evasion and pointing to IFAs’ responsib- ilities.The letters, sent out to 500 clients, say offshore customers should review their tax situ-ations carefully before sub- mitting their self-assessment tax forms. The recipients of the letters have 30 days to confirm the accuracy of their tax returns and have been told that any amendments received within that time will be dealt with favourably. Individuals are also being asked to explain why their offshore accounts do not generate a tax liability. Solicitors Trowers and Hamlins say the letter will just make people consider more sophisticated tax planning. Trowers and Hamlin senior solicitor, private client dep- artment Robert Brodrick says: “I would advise anyone with substantial amounts in own-domicile countries to consider using up gift allow-ances or setting up trusts.” Vantis assistant director of investigations and enquiries Paul Noble says: “Over the last two years, there has been an impetus to try and plug a hole. I think that advisers need to be aware of their own respons-ibilities with clients holding money offshore, to avoid personal liability.” HRMC spokesman Patrick O’Brien says: “Offshore accounts are legitimate investment vehicles as long as people meet their obligations to declare the interest arising in their tax returns. However, we very often find them associa- ted with serious tax evasion. Information is becoming available to us through various sources about the holders of such accounts.”
Confidence in the housing market has remained stagnant for the fourth successive month according to the Woolwich Consumer Confidence Index.The index has now not moved since April, with 49 per cent of homeowners expecting house prices to rise over the next 12 months, compared to 62 per cent in July last year.Woolwich head of mortgages […]
New Star has appointed Richard Wilson as UK retail marketing director, following the recent appointment of Phil Wagstaff as managing director of retail sales and marketing who starts on September 7th. Wilson has been with New Star since 2003 as director of investor communications.
HBOS is bringing together all of its intermediary and partnership businesses into one area and reshuffling its management team across its business-to-business division. Intermediary business from the retail and investment and insurance division will be combined to strengthen the relationship with all introducers. Birmingham Midshires managing director Nigel Stockton is being given a wider role […]
German bank West LB which trades under the name Structured Solutions Group in the UK structured market, has started to increase its market share with good value products such as the latest offering, the early bonus plan three.While rival products are having to incorporate two indices or put the original capital at risk to offer […]
Following the surprise return of a majority Conservative government, George Osborne announced that he will deliver a second budget statement on 8 July this year.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]