Victory for the OECD

For many years, the OECD have been at the vanguard of the international campaign against tax havens.  This has been particularly visible since the G20 meeting in London last year. As can be seen from the list of countries published today they seem to be winning. Compared to the last report, there are many more countries on the white list of compliance with the international guidelines and none on the black list.

Let’s be clear – there is nothing wrong per se with using offshore centres to hold your assets be they trusts or companies.  However, what is frowned upon is transferring assets offshore to evade tax or conceal your true wealth from creditors or governments.

Some countries have added very nicely to their GDP in past years by providing the “nudge, nudge, wink, wink” facility to hold assets through nominees and complex holding structures. Times are changing though, and it is becoming harder and harder to evade tax though taking such steps.

Legitimate tax avoidance and asset protection is always an option, with proper advice, and for those with an offshore presence or origin in particular there are quite valid and tax efficient ways to reduce your UK tax profile.

For more info – speak to our Wealth Management team.