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Sunday, October 12th, 2008
Like many of you, we’re sick and tired of the media’s microanalysis of the gloomy state and fate of the global economy. It does nothing more than depress and confuse, with most news channels and newspapers only ever picking up on part of the story anyway. So, we’re not going to add to this news over exposure with this article.
However, it is very important that we take the time out to explain how and why many offshore bank accounts are unprotected or under-protected, so that if you believe you’re affected you can take advice and take action to secure your savings.
The offshore bank accounts we’re going to be discussing are those in what are considered some of the safest, well-regulated havens – namely Jersey, Guernsey and the Isle of Man.
Whilst we tend to write with the British expatriate living abroad in mind, that’s not to say the information on Shelter Offshore is exclusive to this particular group of people. Rather we aim to bring as broad and informed an opinion to the table as possible to benefit all of our readers…which is why it’s important we raise the issue of UK tax rules again targeting expats living in Britain.
Expats living in Britain are referred to in the financial business as ‘non-doms,’ which relates to their non-domiciled status in the UK. For those who are resident in Britain but who were not born in the UK and whose fathers were also born outside of Britain, the tax status of non-domiciled is usually applied. This status has a direct impact on the type and amount of taxation paid by such individuals to the British taxman.
In the past the UK was considered an attractive tax haven for such individuals as the UK revenue offered many tax breaks for those who were resident in the UK but who were domiciled elsewhere. Under the Labour Party leadership however, these benefits have been slowly but consistently eroded to the point at which a widely used tax efficient mortgage mechanism is now also no longer of use to expats living in Britain.
If you’re an expatriate already or about to join the ever increasing ranks of Brits upping sticks and moving abroad to see if the grass really is greener, you may well be aware of the fact that with non-resident status in the UK comes the potential to save tax or at least enhance your financial status with careful fiscal planning. Non-resident status for taxation purposes is officially granted after you have filled in a P85 form stating that you are leaving the UK for a period of 12 months or more, submitted it to HMRC and had confirmation from them that they acknowledge your change in status.
All well and good – but did you know that even if you have non-resident status and are therefore not liable to UK income tax on income earned in your new nation of residence for example, you are still potentially liable to British tax on any income that you derive from the UK. So, if for example you have a UK home and you want to rent it out, you will be liable for tax on that rental income. But fear not because Shelter Offshore is here to tell you all about expat tax saving and your UK property.
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The Case for Investing in Gold Today
IF YOU’RE LOOKING to store wealth in something both rare and secure today, you will find nothing to match gold.
Gold always tends to reward cautious savers in times of financial stress, because it is both hard to destroy and tightly supplied.
In short, it is the very opposite of debt.
Gold doesn’t corrode or tarnish, and it’s relatively useless to industry. That’s why almost all of the entire stock of gold mined over the last 4,000 years remains unused today. It exists as either jewelry or bullion, both of which act to store wealth and value.
The world’s total store of gold now stands near 160,000 tonnes. But the metal is so dense that, if formed into a single a cube, it would have an edge barely 22 yards in length.
That wouldn’t even cover a tennis court!
Gold vs. Paper-Money Inflation
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‘There’s no such thing as inheritance tax in Cyprus,’ ‘the Caribbean’s new hotspot of Isla Margarita is inheritance tax free,’ ‘there’s 0% IHT in Morocco for family members’ – these and many more such bold and misleading statements are being touted by overseas property companies and agents desperate to flog off their wares. They hope that you as a buyer will be lured to their specific destination by the thought of saving taxes and that you won’t actually look any deeper at these bold statements and find out if they do really apply to you.
In this special report from Shelter Offshore, we’ll reveal the great inheritance tax lies being touted by overseas property companies and help you understand your true IHT liabilities – no matter where in the world you choose to live, retire or own property and other valuable assets. Whilst at first glance this may seem like a dull topic to cover, the facts are very simple, the solutions to any IHT issues are also quite straightforward, and yet if you ignore the issue of IHT and choose to believe the false information you’re likely to read from many agents and developers who just want to sell you a house, then your spouse, family and heirs could end up in financial difficulties upon your death.
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