Wealthy face clampdown on offshore companies and trusts

The Daily Mail reports insiders saying said there are proposals to expose complex offshore structures in places such as Panama and the British Virgin Islands. HMRC is trying to clamp-down on many ultra-wealthy people buying properties in Britain through these secretive offshore structures. Since many are non-domiciles, they do not have to pay tax on money earned offshore, but if they earn money from a British property, it is taxable here. However, if property deals take place between offshore companies it is difficult for the Revenue to identify the real owners and to determine whe...