HMRC crackdown: How to protect your offshore assets

clock

If an individual hold assets offshore, a crackdown on tax evaders who use overseas havens to shelter money could leave loved ones open to the risk of receiving an unexpected tax bill on the individual's death.

While money sheltered overseas has always been subject to inheritance tax (IHT), new HM Revenue and Customs (HMRC) disclosure requirements mean hundreds of millions of pounds will now become visible to the taxman and completely open to scrutiny for IHT purposes. However, there are certain tax planning measures you can implement to protect your beneficiaries and make your assets tax efficient and easier to manage once they have been disclosed. Here, Steve Lawless, global head of banking distribution at Skandia, offers his advice: "By structuring the disclosed overseas assets into an...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Infrastructure: A good investment gone bad – and then good again?

Infrastructure: A good investment gone bad – and then good again?

'Infrastructure - a victim of a unique set of circumstances'

Darius McDermott
clock 02 May 2024 • 5 min read
Investment opportunities 'differ by client age group'

Investment opportunities 'differ by client age group'

‘Advisers should consider personal circumstances when it comes to investment’

Isabel Baxter
clock 02 May 2024 • 1 min read
Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 02 May 2024 • 2 min read