You cannot have failed to notice that the Spanish tax authorities and HMRC are cracking down on tax avoidance in an attempt to generate more revenue and bring offenders to task. Spain has followed many other jurisdictions in offering a tax amnesty with a financial penalty to those who declare previously hidden investments or income and HMRC is specifically targeting those with undisclosed offshore accounts.
There is less and less room to manoeuvre and an ongoing review of the EU Savings Directive might well extend reporting obligations through to offshore trusts and companies.
Should you not heed the warnings and rather than continue to bury your head in the sand speak to financial advisers who can make sure your investments are restructured in a tax efficient and legitimate way? Would this not put an end to the nightmares and enable you to move forward confident that your affairs are in order?
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