Sovereign Europe Focus June 2020

Date: Jun 2020

Virus planning – Tax tips before you travel to the UK in case you get trapped there

By Howard Bilton – Chairman and Founder of The Sovereign Group

It is entirely sensible to assume that whatever the situation is now, visitors to the UK may get stuck there. HMRC have indicated that they will be prepared to treat those who get stuck in the UK because of Coronavirus “sympathetically”. That is nice. But it is not entirely clear what sympathetically means to them. It may well be quite different to what we would think. HMRC have form on this. During the first Iraq war, UK expats living in Kuwait had a choice – leave or die. Naturally many came back home and it was a long time before going back to Kuwait was an option. HMRC were fairly quick to assess them to tax. There was no real sympathy offered then. >> Read more

New Cyprus licensing regime offers opportunity for Medical Cannabis businesses

The Ministry of Health is in the process of issuing the first three licences to successful applicants under a new framework that has legalised and now regulates the import, export, cultivation, production, sale, supply, possession and use of medical cannabis in Cyprus. It is expected that more licences will follow. >> Read more

Annual investment review – Six questions to answer

An annual review of your investments and other financial matters is the best time to think about where you are at in achieving your long-term goals and where you would like to be. Rather than reacting emotionally to every change in the markets, an annual review provides a space in which to make rational, considered investment decisions. It also allows you to take a close look at your day-to-day finances to uncover hidden opportunities and then commit to meeting them. >> Read more

UK updates Statutory Residence Test guidance for coronavirus

The UK government has issued new guidance to non-UK resident individuals in cases where the coronavirus pandemic has impacted their ability to move freely to and from the UK or has required them to remain unexpectedly in the UK for longer than intended in respect of UK residency. >> Read more

Court of Appeal rules on beneficiaries’ rights under the Data Protection Act

The Court of Appeal, allowing an appeal under the Data Protection Act 1998 (DPA) on 11 March 2020, ordered the international law firm Taylor Wessing to hand over documents containing personal data about the beneficiaries of a multi-million-dollar fund in the Bahamas. It held that the international law firm, which acts for the fund’s trustee, could not rely on privilege because, under English law, beneficiaries enjoy joint privilege with their trustees in respect of advice taken by the trustees for the benefit of the trust. >> Read more

Case study: Structures to enable a tax efficient reversion to UK domicile

Expatriate life is an adventure and it can be fragile and unpredictable – even the best-laid plans can be turned on their head in an instant. While most UK non-residents say they will not return to the UK, in reality many do, whether it is for career or personal reasons. >> Read more

UK Pensions – a shot in the arm?

Roger Howman, Sovereign’s SSAS Director, explains how a unique pension scheme is providing liquidity to SMEs amid the economic chaos the COVID-19 Pandemic has caused. “Cash is king” – a phrase entrepreneurs and owner/directors of small and medium-sized businesses (SMEs) in the UK will be very familiar with, since it is often seen as the lifeblood of their business. >> Read more

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