"WE LIVE IN A TAX HAVEN"
-UK citizens working abroad (commonly known as expatriates).
-Foreign citizens resident in the UK.
Many of our clients in these two categories, with careful taxation planning, are successfully avoiding having to pay any UK direct taxation.
A couple of years ago we were visited by a Dutch couple who had considerable wealth and were retiring early. They wished to avoid the penal Dutch taxation and were visiting several European countries to meet with an accountant in each country to explore their potential tax liability should they retire to that country. Having visited a number of European countries, including Germany, Italy, Spain and France, they came to the UK to seek advice from Ashdown Hurrey. Having been rather disappointed with what they had learned in other countries, they were astounded to find that, with a little taxation planning, they were able to retire to the UK and pay no UK direct taxation at all.
They eagerly left Holland and took up residence in Eastbourne. After a year or so of enjoying a tax free environment they decided to leave the UK, and take up residence in Spain and suffer the less favourable Spanish tax regime. You may be bemused by this, but perhaps not surprised by their reason. They were not enamoured with the British weather, despite Eastbourne being the 'suntrap of the south' and went in search of the sun!
Some people may consider it rather obscene that a wealthy person can come from abroad and arrange their affairs to avoid UK direct taxation. It must not however be forgotten that if they are living in the UK they are spending in the UK and therefore assisting the UK economy, including suffering VAT on their expenditure for the benefit of the UK government coffers.
Further information regarding the specialist expatriate section of Ashown Hurrey & Co.
Click here for details of how to contact us.