HMRC crackdown: How to protect your offshore assets

While money sheltered overseas has always been subject to inheritance tax (IHT), new HM Revenue and Customs (HMRC) disclosure requirements mean hundreds of millions of pounds will now become visible to the taxman and completely open to scrutiny for IHT purposes. However, there are certain tax planning measures you can implement to protect your beneficiaries and make your assets tax efficient and easier to manage once they have been disclosed. Here, Steve Lawless, global head of banking distribution at Skandia, offers his advice: "By structuring the disclosed overseas assets into an...