{"id":3648,"date":"2011-11-02T11:52:20","date_gmt":"2011-11-02T16:52:20","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=3648"},"modified":"2011-11-02T13:58:46","modified_gmt":"2011-11-02T18:58:46","slug":"uk-taxman-to-scrutinize-overseas-property","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/uk-taxman-to-scrutinize-overseas-property\/","title":{"rendered":"UK: Taxman to scrutinize overseas property"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2011\/11\/UK-tax.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3649\" title=\"UK tax\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2011\/11\/UK-tax.jpg\" alt=\"\" width=\"240\" height=\"180\" \/><\/a><\/p>\n<p>I was just reading the latest updates from the IRS and the new regulation in 2013 from the HIRE act that will impact US citizens abroad.\u00a0 It seems that the UK and it&#8217;s similar search for revenue to fund deficit spending is looking to Brits overseas as well.\u00a0 Look out for their newly formed &#8220;Affluence Unit&#8221;.\u00a0 This in from GlobalEdge<\/p>\n<p>The first target of a new government tax collection task force will  be the owners of overseas property, according to a report in the  Guardian this morning.<\/p>\n<div>The 200-strong task force named the \u201caffluence unit\u201d is charged  with identifying well-off individuals who are avoiding and evading taxes  and duties.<\/div>\n<div>Sophisticated &#8220;data mining&#8221; techniques will be used to uncover  information about individuals who own property abroad but may not be  paying the right amount of tax. \u00a0The unit will look for owners of  overseas property that on paper appear unable afford to do so based on  their income and capital gains declarations.<\/div>\n<div>The good news for most middle class overseas property owners is  that the scope of the investigation will initially be limited to people  paying the top 50% tax rate (which comes into force for earnings in  excess of \u00a3150,000 per year).<\/div>\n<div><strong>Comment<\/strong><\/div>\n<div>It seems that this new unit will focus on top earners with very expensive properties that on paper they seem unable to afford.<\/div>\n<div>This appears to be a tiny target audience \u2013 high earners who are poorly advised on tax issues.<\/div>\n<div>The vast majority of the affluent targeted by the \u201caffluence unit\u201d  will no doubt be able to avoid scrutiny through offshore vehicles. \u00a0  Call me cynical but this appears to be a strategy designed to grab  headlines for political gain rather than a serious attempt to swell  government coffers.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>I was just reading the latest updates from the IRS and the new regulation in 2013 from the<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3648","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK: Taxman to scrutinize overseas property  - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/uk-taxman-to-scrutinize-overseas-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK: Taxman to 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