[bigrich]

British bureaucrats, using the Panama Papers as an excuse have laid out a "suggestion" to do as the Americans and tax British citizens no matter where they are in the world.

Quote:

By taxing all Brits everywhere, the super-rich would be prevented from moving abroad to cut their bill, while those who remain in the UK would be spared an ever-mounting tax charge. (haha, yeah right)

Of course, this is "just a recommendation" so far, but things like this tends to become law far sooner than you think.

PS: The global version of FATCA starts next year.

[262]

Meh, if it comes to pass, expect super-rich Brits to do what super-rich ex-Americans have done: renounce their citizenships.

[Easy_C]

It's not just super rich. There's a lot of people in the high 5 figure range who get hit and renounce.

[Leonard D Neubache]

Nations used to be incredibly glad to have their citizens working abroad and used to encourage it by all means.

This kind of desperation to scrape and scrounge a few quid like a desperate teenager searching for dope money under the couch cushions simply shows you how close we are to precipice of a national debt implosion.

[...]

(07-07-2016 03:44 AM)262 Wrote:  

Meh, if it comes to pass, expect super-rich Brits to do what super-rich ex-Americans have done: renounce their citizenships.

As stated earlier, this isn't something that would just affect the super-rich. As usual the "super-rich", "the children" or "terrorists" are used by politicians to justify themselves tightening the noose ever so slightly. Imagine yourself working in say, Singapore (or anywhere in Asia really), and being forced to send money back to ol' Blightly...

That being said, if this ever gets implemented it wouldn't be something that'll affect most people, but this is something that will affect at least some of the location-independent people on this board.

The thing that I find more concerning is the fact that bank account details will automatically be shared between all OECD-nations and not just US nationals as before.

NB: I just realised that this should be in the Politics and War subforum.