Quote:
Originally Posted by buzzy
Yo, I'm from the UK and fishing for off shore accounts and I need some more info, someone make a post...explaining whats the difference between UK and USA laws regarding taxes n shit
thx
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OK... Basically goes like this - if you are a UK citizen, you don't have the same restrictions as those of US citizens. This means... you can, if you wish, elect to live in another country (and you may have to pay taxes in that country, depending), but you are not required to file any tax returns to UK Inland Revenue (excepting any "benefits" you may still be getting from within the UK eg assets such as home rental etc while you are living elsewhere).
You are free to open as many OS bank accounts as you wish - however, the moment you "benefit" from these accounts and bring funds into the UK - tax becomes payable on these funds.
Another scenario is - you can move out of the UK and live in a no tax jurisdiction and there is no requirement to file any returns with UK IR or the no tax jurisdiction where you elected to live.
There is the other scenario of offshore structures and where you remain resident in the UK. This can minimize taxation, but does require legal advice. In practice, this advice is rarely good (prob because it comes from onshore lawyers/accountants talking about elements they have no clue about - else they would also be offshore *s*), but they can be good about advice in eg the UK.
Opening OS bank accounts and using plastic cards at ATM's is not legitimate and is detectable - that day ended years ago and it's only a matter of time before it is uncovered.