“Zanzibar lures the world with new tax and residency scheme”

Jul 1, 2021 | Tax

Tags: Tax, Zanzibar

Zanzibar is not, of course, a member of the G7, or even the G20, so doesn’t have to worry about their new tax agreements; but could become a great place for the wealthy to enjoy a G&T (see what I did there?) Buy a villa, become a resident (no need to actually be resident) and no tax on your worldwide income or wealth. The benefits are even better for businesses. So, yes, we may have in the future to wait a day or two more for our Amazon deliveries But they’ll be just as cheap as ever. And their execs can hold their board meetings by the pool. Win Win!

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“HMRC scraps plans to tax pensions after death”

“HMRC scraps plans to tax pensions after death”

A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.

“Raising IHT threshold could cost government £6bn”

“Raising IHT threshold could cost government £6bn”

Well, the lesson of this week in politics must be to expect the unexpected. Or, alternative interpretation, to expect more of the same. The speculation on the future of Inheritance Tax has switched from abolition to a rise in the amount of wealth you can have before the 40% payment hits.