Brits who are worried about losing off-shore investments to the tax collectors are being advised to seek the advice of their
accountant.
The Sunday Times reports that those in
accountancy jobs will be able to help wealthy Brits whose funds are being clamped down on by new legislation from the European Union (EU).
Under EU plans, banks will be required to share banking and finance data relating to clients income including trusts, capital gains and dividend payments.
However, Mike Warburton, accountant for Grant Thornton, told the newspaper that many people are stashing funds from
offshore bank accounts in tax havens such as Dubai and Singapore, which are exempt from the rules.
He explained: "These are sophisticated financial centres, they remain outside the rules for now and non-domiciles who genuinely want to keep their financial affairs secret may see some benefit in setting up vehicles in these countries."
Last week, 25 of the 26 EU finance ministers backed the plan to tighten bank secrecy rules within the union, according to the Daily Telegraph.
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