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Medical Tax

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by

Abubakar Saddique

on 22 May 2017

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Transcript of Medical Tax

Specialists in Taxation for the Medical Sector
Welcome to our Presentation
The Secret of Taxation
In the
UK
your Money is
not
Taxed
In

fact,

all your Money is Tax

Free
Only
Ownership
is Taxed
Executive Summary
The Structure
The Law
Media
Q & A
History
What is a Trust?
A Trust is a legal arrangement which involves a person
(the "Settlor")
transferring legal title to assets to another person or body
(the "Trustees")
to hold for the benefit of one or more persons
(the "Beneficiaries")
, which may include the Settlor.
What can be put in Trust?
Profits
Pensions
Assets
Trust Planning is the Solution
Profit And Loss Accounts (URT)
What You Currently Lose
Income Tax up to
-45%
Corporation Tax
-24%
National Insurance

-2%
Capital Gains (CGT)
-28%
Death Tax (IHT)
-40%
Your Personal Profits
Your Business Profits
Your Assets
Your Pension
Professional Negligence Litigation
-100%
Divorce – Court Decides
-50% +
Creditors
-100%
Pension Overfunding

-55%
• The above are examples of what you could lose.
• National Insurance is payable at a higher rate up to £41,450 2013/14
Trust Contribution
Gift your Assets
Make Contribution
of cash
Profits
Pension
or
or
or
The
Structure
An Offshore Trust
Offshore Trustees
Offshore Fund Manager (OFFCO)
with
with
Umbrella Assets Trust (UAT)
But
The Biggest Secret of all?
A Personal Management Company (PMC) In UK
The Personal Management Company
The Trust Structures
PMC - Investing
PMC – Passing to the Next Generation
Inheritance Tax (IHT)
Creditors & Divorce
HMRC - DOTAS
The Westminsters
United Kingdom
The UK is a Tax Haven
Companies Working in the UK
The Secrets of the Wealthy
Google's UK Tax
Why is a PMC not taxed?
Who Can Use Our Services?
Frequently Asked Questions 1
Frequently Asked Questions 2
Summary - Key Points
Tax Evasion
Questions?
You the Member
Individual
Partnership
Or Company
Administrator collects Assets as agent for trust
Assets Transferred to Member’s PMC
Offshore Umbrella Trust With Offshore Fund Manager (OFFCO Ltd)
Exchange Assets
For 1 Share in OFFCO Ltd
Tax-free loan (spending)
Tax-free assets purchase/sell capital appreciation or gains reinvested in pmc
Legal Ownership is vested in Trust
Statutory relief
Taxation of chargeable gains act 1992 162 roll-over relief on transfer of business (1) this section shall apply for the purposes of this act where a Person who is not a company transfers to a company a business as a going concern together with the whole assets of the business, or together with the whole of Those assets other than cash.And the business is so transferred wholly or partly in exchange for shares issued by the company to the person transferring the business. There is no 'motive' test. We have established over 24 years that the holding of any asset can constitute a 'business as a going concern' principal. Private residence is cgt exempt anyway.

I don't want to lose control
I want to keep my assets and money in the UK banking system

The Personal Management
Company (PMC)
Does Not Own Anything
Controls Everything
Is Not Subject To Tax
Provides Total Privacy
Cannot Be Sued
PMC
A UK Ltd Company
In Your Name
Bank Account in your Name
OFFCO gives Permission to Manage Assets
Fiduciary Services Agreement
Offshore Trust
Offshore Trustee
Offshore Fund Manager (OFFCO)
The Management Company A New Uk Company Is Set Up With You As Director And Shareholder
Transfer Same Day
Transfer Same Day
You Open A Bank Account For This New Company In Your Name
Trustees Have No Access To Trust Funds As The Bank Account Is In Your Name
Offshore Trustees Delegate Fiduciary Investment Powers To You As Director Of The New Uk Company
Business Profits Are Transferred To UK Client Account
A Tax Deductible expense
UK Client Account (Acting As Offshore Trust Agent In UK
Money is Transferred To Your PMC Bank Account
You Choose
Tax - Free Loan
Tax - Free Purchase
Member Control
Member's Personal Management Company
UK
Worldwide
Invest In Anything
Tax - Free Returns
Assets
PMC - Spending
Member Control
Loan
Member or Family
Member's Personal Management Company
Trust Wealth
Spend on Anything
Main Residence
Buy 2 Let Or Commercial Portfolio
Other Assets Such as Cars, Cash
Property Ownership
You
Property Ownership
Trust
You Could Lose
Everything
You Lose
Nothing
Less
Death Taxes At 40%
Balance = Tax to Pay
Your Total Estate (Worldwide)

Main Residence Holidays Home Rental Properties Assets, Cars, Planes, Boats, Stock & Share, Gold, Silver, Cash on Deposit, Pension and Life Cover Value

All UK & Worldwide Assets = Taxable Estate
Allowable
Amount
Free of Tax
Plus
Debt to Pay
Loans Taken
From Trust
Nil Rates Band
Beneficiary Is Shareholder
Beneficiary Is Director
Beneficiary's Signature On Uk Bank Account
Wealth Still
Held In Onshore Pmc
UK
Member Control
Beneficiary
Member's Personal Management Company
(Trust Wealth)
Beneficiary's Personal Management Company
(Trust Wealth)
Member Dies
Shares Pass by will - IHT Free
Cash
Your Home
An Internet in Joint Owned property (Like matrimonial Home)
Second and other Homes
Other Commercial Properties
Private company Shares
Quoted Shares
Investments Can Include
Foreign Company Shares
Trust Assets
Art, Antiques and Jewelry
Insurance Polices
Loan Notes
Other Securities
EBT Assets
FURBS Assets
QROPS Assets
Holidays
Cruises
School Fees
Shopping
Cars
Hobbies
Spending Can Includes
In Finance Act 2004, rules were introduced which placed obligations on promoters of various tax arrangements to disclose details of the arrangements to Her Majesty's Revenue and Customs (HMRC).

The purpose of the legislation is lo identify the details of schemes seeking to avoid tax, and to identify those who use such schemes. HMRC's aim is to:
• Identify, as early as possible, schemes that are being used;
• Challenge avoidance schemes by contesting returns and, where necessary,
pursue the matter through the Courts; and
• Produce legislative changes that will close down avoidance schemes where litigation is not appropriate or where the amount of tax at stake is particularly large.
Baxendale-Walker's Trusts have been in existence for over 20 years, and were already very well known to HMRC before the DOTAS (Disclosure of Tax Avoidance Schemes) regime was introduced. Therefore, the trust planning does not have to be registered under DOTAS.
In 1677, at age 21, Sir Thomas Grosvenor married a girl of age 12!
The girl was Mary Davis and she had recently inherited 500 acres of land when her father died. We know that land as Mayfair, Belgravia, Chelsea and Pimlico.

Sir Thomas' family had been wealthy for generations, understood fully the importance of control versus ownership, and proceeded to set up a trust called the Grosvenor Estate Trust. Today, the Grosvenor Estate Trust is a portfolio of businesses, rural estates and other estates owned by trusts on behalf of Gerald Cavendish Grosvenor who is the 6th Duke of Westminster, and his family. The largest business in the portfolio is an international property group which operates in 17 countries. There are 4 non-property businesses in North-West England, and 5 rural estates in the United Kingdom and Spain. Other assets include a fine art collection and charitable foundations. In total, the trusts employ more than 1,100 people.

A trust can never die, although the controllers can and do!
The UK Tax System has been creators of wealth to be taxed as little as possible – allowing more job creation
Modern Society Depends entirely on the creation of pay employee jobs i.e.
those who have to pay tax
Philip Green
In 2005 the biggest bonus ever paid out in the uk was given by arcadia - £1.5 billion
The tax should have been £600 million
The tax paid was £0ownership
The trick was
Philip green's wife, tina, owned the company and was living in monaco, a non tax jurisdiction
So, although he controlled the arcadia group, the bonus was paid to his wife
Do you think he got in trouble with hmrc?
No, a year later, december 2006, he was awarded a knighthood
Profit
£60,000+
Income
£60,000+
Assets
£60,000+
Of equity or equitable interest
Pension
£60,000+ combined values
Structure
Control vs Ownership
Trade in UK
Trust
Tax Avoidance
The Rule Of Being Wealthy
Pay Cash.
Everyone knows there is no VAT on cash.
Completely illegal.
Open a Bank account in your dog's name.
Employ your partner and pay salary.
Give partner some shares and dividends.
Do either of the above for the children.
Hands up anyone who hasn't done this.
1- Why isn't everybody doing it?
2- What if it doesn't work?
3- What if it changes?
4- Can i unwind the structure?
5- Can i hire & fire the trustees?
After speaking to us, they do
Fees are insured
Trust deed amended retrospectively
Yes, but with no further tax benefits
Yes, the trust deed specifically provides for this
1- Who can be a shareholder or director of a PMC?
2- Does a PMC have to file accounts at companies house?
4- What do the accounts say?
3- Do the accounts have to include the assets held in the PMC?
5- What do I do when I want to borrow money from the PMC?
6- What happens to the £100 A month that I lend to the PMC?
7- What if I don't repay loans made to me from the PMC?
Anyone you want
Yes. You can do it yourself, or we can provide this service for just £149 P.A.
Cash at bank £2; share capital £2
No. Those belong to the trust. The PMC is just A fiduciary
Complete & submitthe loan paperwork to the trustees
It is part of the PMC/URT funds and can be lent back to you
They are refinanced out of your estate on death= 0% IHT
Full transcript