European Savings Tax Directive

[chump]

The above comes into effect as at 1st July 2005 and I take the opportunity of drawing the attention of all you zillionaires in here to it in the knowledge that you will be aware that your legitimately acquired 'illgotten' gains squirrelled away will now be open book to the UK tax office...be sure to make sure it's all on your tax return

 

[jmreeve]

I had not seen this.
Even includes the Cayman Isles. Very nasty

Apparently Bermuda has not signed up to this new directive though.

 

[chump]

Jm,
Yes, there are a couple of notable exceptions who have not joined the club, but take my word for it it is only a question of when ,not if ,that they will comply..there's simply too much momentum and leaverage, call it clout if you like ,for any country to opt out indefinitely..writings on the wall in large letters...join or get blackballed by every major Western industrailised country....LOL just occurred to me that the we might be seeing a spike in the number of newly formed Ltd co's and maybe a a surge in the number of trusts being set up...LOL..the tax specialists are probably working overtime which probably means the boatyards are going to get a jump in their order books...buy shares in boat builders quick !