Offshore Company Formation News

HM Revenue & Customs plans to introduce the option for individuals to complete tax returns online have been thrown into doubt by the National Audit Office (NAO).

Under the previous plans HMRC would offer tax payers the option to complete online tax returns, making it easier for offshore account holders to declare income.

However, a new report by the NAO has highlighted some gaps in...

The Isle of Man has boosted its offshore investing options after winning Royal Assent for a new Manx foundations law.

Offering an alternative to an offshore trust, the new Manx foundation structures will allow individuals to hold assets in a new tax-free holdings scheme on the island.

The Manx...

The Gibraltar government has claimed the country's tax sovereignty will remain intact, despite the recent European Union ruling, meaning good news for offshore funds in the region.

It comes after the European Court of Justice ruled that offshore business could no longer enjoy selective advantages in...

Individuals seeking advice on offshore bonds may want to opt away from high street banks and building societies, after research from Which? found they were giving poor advice.

According to the report, only five out of 37 advisers quizzed in an undercover investigation gave good advice about investments with many recommending inappropriate investment products.

The research found that many...

Conservative MP Karen Bradley has criticised the UK tax system and highlighted why people are considering offshore company formation.

Writing on a blog for Conservativehome, Ms Bradley noted the damaging effect the current tax rates have on UK business and high-earning individuals.

She pointed to the damaging effect that the current 50 pence tax rate for high earners is having on the...

HM Revenue and Customs (HMRC) have been found guilty of breaching European Union rules on fiscal neutrality in the VAT charges it levied on gambling firm Rank Group.

The UK-based bingo hall and casino operator, who unlike many online gambling firms are unable to operate as an offshore business, won the case at the European Court of Justice (ECJ).

According to reports, the ECJ ruled that...

An increasing number of doctors and dentists could be looking to offshore savings after HM Revenue & Customs (HMRC) stepped up its examination of the group's tax affairs.

According to AccountancyAge, the HMRC is set to begin writing to doctors and dentists this week, warning them to get their tax affairs in order.

A total of 2,500 letters from the HMRC will be sent out, carrying a...

Thirty-five per cent of high net-worth individuals (HNWIs) do not trust the next generation to protect their inheritance, according to a new survey.

The results come as part of a new Barclays Wealth report that is published as more and more HNWIs look to offshore accounts to protect their assets.

This new report, The Transfer of Trust Wealth, found that 40 per cent of HNWIs surveyed had...

Entrepreneurs considering an offshore company formation in Gibraltar will have to look elsewhere after the European Union (EU) rejected plans for a new tax system.

The news came after the EU Court of Justice ruled that the proposed tax system for Gibraltar was "designed in such a way that offshore companies avoid taxations".

According to the court, the new system was also...

HM Revenue & Customs (HMRC) could be set to introduce a new online service for individual PAYE taxpayers along with annual tax statements.

The proposal, which comes as part of a report into modernising the administration of the personal tax system, could make it easier for offshore account holders to declare income.

Under the plans, any potential online tax account would be similar to...