preferred offshore hubs for indians

8/12/2019 Preferred Offshore Hubs for Indians

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Considerations when planning taxefficient structures

Technical input Perceived Aggressiveness of the planning

Risk of HMRC challenge


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Risk of challenge increases where: Income arises or gains accrue to non-UK

resident entities

Basis of challenge tends to focus on: 1. is the trust/ company in fact non-UK

resident;

2. possible application of the transfer ofassets provisions;

3. possible application of the settlementprovisions or the capital gains tax attributionof gains provisions


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First Step for HMRC is informationgathering: In relation to structured avoidance schemes,

there will have been a DOTAS notification and

scheme users are required to include theDOTAS number in their tax returns.

Therefore HMRC is aware of both the scheme

and the users.

Scheme users should expect to receiveinformation gathering correspondencefrom HMRC


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Where Domicile or Residence is relevant:

Expect to receive a wide ranging request for

information relating to all aspects of thetaxpayers life

Need to provide all the information?

The onus is on taxpayer to show that he is

resident or domiciled in the chosen territory

Therefore, it is advisable to providesupporting information.


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Where offshore structures areconcerned, expect to receive the

standard Transfer of Assets Questionnaire This is a document approximately 3 pages

long with requests for broad ranginginformation


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Do you need to provide all informationrequested?

No! Always check the relevance of the

information sought to the tax in issue

It is VERY IMPORTANT to engage with HMRC


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This takes several forms including:

Responding to HMRC letters

Response should be: Within the agreed timescale;

Informative where the information sought is relevantto the tax in issue; or

Seeking clarification from HMRC about the relevance

of the information sought;

Agreeing to Meetings

Go prepared with information;

Advisory team should attend.


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Information Gathering Stage is importantin resolving conflicts:

Builds mutual trust; Clarifies facts;

Clarifies continued areas of dispute, if any;

Can assist in reaching an amicable

settlement so that litigation is avoided.


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In the event of litigation:

Early engagement with HMRC will have

pinpointed areas of dispute; Litigation at the Frist tier Tribunal is very

important in establishing the facts

No new facts can be introduced at the later

stages of appeals; All persons who wish to give evidence must:

Provide written Witness Statements;

Attend the hearing to be cross examined.


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First TierTribunal

Appeal on fact and law

UpperTribunal

Appeal on Point of Law only

Need Permission to appeal

Court ofAppeal


Need Permission to appeal


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Appeal to the Supreme Court


Need Permission to appeal Very rare in practice


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In association withOrganised by

www.indiaincorporated.com @indiaincorp


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AGENDA

THE MAURITIUS INTERNATIONAL FINANCE CENTRE

ECONOMIC OVERVIEW

DOING BUSINESS ENVIRONMENT

THE INTERNATIONAL FINANCE CENTRE

By Dhaneshwar Damry

CEO Bhumishq

[email protected]

The presentation represents the views of the author


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Star and Key of the Indian OceanEconomic

Overview

Official Language:

English

Area:

2,040 sq km (788 sq

miles)

Population:

1,288,684 (2011)

Population density:

632 per sq km

Exclusive Economic

Zone:

1.9 million km+ 396,000 km joint

extended shelf with

Seychelles

Capital:

Port Louis

Government:

Republic established in

1992.

Gained independence

from

the UK in 1968.

Key Facts

GDP Growth:

3.5% (2011)

Unemployment:

7.9% (3rd Qu 2012)

Inflation:

3.9% (2012)

Repo Rate:

4.9% (as at date)

Legal System:

Hybrid LegalSystem


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Spearheading InnovationEconomic

Overview


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A Competitive Platform to do BusinessDoing Business

Environment

Occupation Permit

Taxation Land & Property AcquisitionStart Up

Exchange Control

Start a business in 1

working day

No minimum

capital requirement

100% Foreign

ownership

Homogenised

15% corporate

tax

Personal

Income tax at

15%

Local

government tax

Acquisition of

property

by

non-citizen

Right to Live

and

Work in

Mauritius

Free

movement

ofCapital


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A Competitive Platform to do BusinessDoing Business

Environment


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Global RecognitionDoing Business

Environment


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Global RecognitionDoing Business

Environment


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Government Vision & Strategy for AfricaMauritius


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WHY MAURITIUS FOR AFRICA?Mauritius

Offerings


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The Regional Financial Platform of ChoiceMauritius

Offerings


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Offerings


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Offerings


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Access to regional marketsMauritius

Africa markets


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Double taxation avoidance agreementsMauritius IFC


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International Promotion and Protection agreementsMauritius IFC


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In association withOrganised by

www.indiaincorporated.com @indiaincorp


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The Isle of Man

Financial Centre of Excellence forIndian Families

Isle of Man


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Isle of Man


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Fedelta header

Close proximity to the UK Excellent communications, both physical and

electronic

Stable Government

Economic stability and track record

Government and industry partnership

Not part of the UK or EU

The Isle of Man

Isle of Man


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Fedelta header

Wide range of tools available for structuring

Globally recognised trust law

Modern and developing company law

Government actively promoting the sector

Isle of Man

Legislative Advantages


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Fedelta header

Companies 1931 v 2006

Trusts

Foundations

Pensions Shipping

Aircraft

IT

Isle of Man

The Tools


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Fedelta header

Internationally compliant

Wide range of financial support services

available

Well regulated corporate, trust and pensionsindustry

Cost advantages One stop shop advantages

Isle of Man

The Finance Sector


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Fedelta header

The jurisdiction

The infrastructure

The legislation

The tools The skills

Isle of Man

The Decision


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Isle of Man


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Media Partners

Organised by

Supporting Partner Supporting

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