Showing posts with label offshore. Show all posts
Showing posts with label offshore. Show all posts

Friday, September 13, 2013

Annual Tax on Enveloped Dwellings due soon

Announced in the March 2012 Budget, the Annual Tax on Enveloped Dwellings (ATED) return -- called at the time the Annual Residential Property Tax (ARPT) -- is due by October 1st 2013. The corresponding tax liability has to be paid by October 31st 2013.

If all of the following criteria are met, an ATED return is required by 1 October 2013:
  • a company (other than a company acting as trustee of a settlement or as nominee), a partnership with corporate partners or a collective investment scheme which holds UK residential property, and
  • at least one single-dwelling interest was worth more than £2m on 1 April 2012 or at the date of acquisition if later, and
  • the single-dwelling interest was still owned on 1 April 2013

Thursday, May 30, 2013

Do nominee directors exist in the UK?

We often get requests from clients asking for nominee services. While it's easy to provide nominee shareholder services through a bare trust, you won't find a reputable firm offering nominee director services at a reasonable price. For under UK law, any director, even if he's called a nominee is responsible for the actions of the company and in the event of any wrongdoing by the company the nominee can be prosecuted. You can find some vendors who will provide such services for around £400 per year but they are based in jurisdictions such as Cyprus, Mauritius or the UAE who do not have extradition treaties with the UK and quite frankly do not care. A lot of these nominees are ex Sark Larkers who caused the change in UK law around 1997 for their illegal activities and who have just moved offshore. Moreover, no reputable bank will offer any facilities at all if any nominees are in place.