HMRC Seize £2 Billion in Cash and Assets Before Tax Due
HMRC has a new tool to harass residents of the UK.
Accelerated Payment Notices mean that victims of HMRC in the UK must pay the tax upfront while they are being investigated by the tax authority.
The UK tax authorities are renowned for sending high demands which can’t be justified.
In the past you would negotiate with HMRC to reduce the amount and then pay up, months or years later.
Now they are able to demand payment of the tax they say you owe and you have to pay up within 90 days.
You would then have to negotiate with them to reclaim the overpaid tax. This will always take years as there’s no incentive for HMRC to repay your money quickly.
One of my clients recently received a demand to pay £4.5m. There was no justification for this whatsoever. Any tax owed would have been less than £50,000.
Fortunately for my client he had no UK assets in his name and he had residency in Monaco. There was nothing that HMRC could do to enforce the demand.
For anybody with all their assets in the UK this could have been a complete disaster.
They may have had to sell properties and businesses to meet the unjust demands of HMRC. Bank accounts would have been frozen.
They would have been left with no means to pay their living expenses.
Accelerated Payment Notices highlight the need for high net worth UK residents to have a back up plan and at least some of their assets overseas.
Offshore Fortress can help open Offshore Bank Accounts and set up Offshore structures with Companies and Trusts to make you financially bulletproof from out of control tax authorities.