Monday Money on current issues from the Expat Experts for family, business and the retired Living and Working Abroad brought to you by ProACT Sam Says
Assessing the Risk - Joining the Circle of Information Exchange
Sam Orgill of ProACT Partnership examines the impact of Automatic Exchange of Information on the Money of Expats Living and Working Abroad
Are you aware of the changes to international tax rules? Do you understand the impact this will have on your tax affairs when Living and Working Abroad or investing in overseas Property, Investments and Business?
Do you rely on discretion tax planning assuming “what the taxman doesn’t know is ok ?”
Do you think that if you own and rent property abroad the income and capital gains is not taxable at home?
Maybe you assume that the bank, estate agent, or lawyer will tell you what tax is due?
Whatever your approach you should have updated you tax affairs since the start of 2016 giving the information to find out if your tax affairs are not up to date, and if the tax man finds out, he will assess retrospectively and could charge back tax, fines and penalties.
READ IN DETAIL what has changed?