Our site uses cookies

I agree Our site saves small pieces of text information, called “cookies” on your device. Find out more in our cookie policy. You can disable the usage of cookies by changing the settings of your browser. By continuing to browse the site you are agreeing to our use of cookies.

Chasing overseas money isn't the solution to our economic woes

Let's not forget that money can be held offshore for perfectly legitimate reasons.

One of Nancy Mitford’s characters famously said, 'Abroad is unutterably bloody, and foreigners are fiends'. This is a sentiment apparently shared by HM Revenue & Customs – and, it might be added, much of the popular press and probably most people in the street, so far as tax is concerned. Over the past few years, we have all seen the growth of a worrying assumption that somewhere, out there, guarded by foreigners, is a massive pool of untaxed goodies which ought to belong to the UK and which – if captured – will single-handedly fix our economic woes. 

To read the article in full go to Spear's blog

Related Expertise

Advice to private banks Private Wealth

Related in brief posts

Exploring the consultation and review on the taxation of trusts

HMRC has launched a consultation on a review of the government's principles for taxing trusts. Fiona Poole examines the review in more detail.

Blinded by transparency: the UK's new property register

In a bid for ever-increasing transparency, the UK government intends to continue the trend with the introduction of a further beneficial ownership register.

Rags to riches and back again

Eesha Arora and Sophie Wettern offer some ideas for navigating intergenerational conflicts in wealthy families