.png)
.png)
MIKE TRUMAN looks at the legitimate reasons for having cash deposited in an overseas account
KEY POINTS
- Current accounts may be needed for non-tax reasons
- Bank accounts paying gross can help in repayment cases
- Insurance bonds invested in cash can defer liability until death
- Cash accumulation funds defer liability because of CGT partial disposal calculation
We have recently all been made very aware that there are some highly suspect reasons for having large cash investments offshore.
As HMRC work their way through the names and addresses given to them by the banks and find those who have chosen to hide their heads in the sand rather than come forward and own up under the offshore disclosure facility no doubt many of them will be arriving at your reception desks with a tale of woe and a request for help.
It would be easy to fall into the trap of thinking that ...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
