No sooner has the dust settled on the negotiations with the crown dependencies of Isle of Man, Jersey and Guernsey than we hear that the UK Treasury is drawing up tough anti-evasion measures to force banks in the British Virgin and Cayman Islands to reveal details about customers suspected of hiding money offshore. The UK government believes that it might recover over £1 billion from the crown dependencies alone with significantly more expected from these so called tax havens. George Osborne is quoted as saying “The places you can hide are getting smaller and smaller and we are in advanced discussions with the two territories. They are in no doubt what we expect.”
The message is loud and clear tax evasion should be a thing of the past. The way forward is to properly structure your assets in the most tax efficient way, a clear and effective strategy that we have been recommending to our clients for some time now.
If you are concerned about restructuring your assets to ensure these are being held in the most tax efficient way then contact us on +350 200 50982 or by email to wealth@fiduciarywealth.gi to arrange a meeting.
