Many UK citizens particularly diasporans residing in the UK need to be aware of this mostly unknown HM Revenue & Customs (HMRC) tax on offshore income.
Under this, as stated on the HMRC website gov.uk, the focus is on taxpayers who own property abroad and the government is about to commence a crackdown on defaulters and offenders.
If you’re a UK resident, you’re breaking the law if you fail to tell HM Revenue and Customs (HMRC) about your taxable offshore income. HMRC is getting tougher on those who try to evade tax by hiding their assets or income offshore. We are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders.
Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes:
- interest from overseas bank or building society accounts
- dividends and interest from overseas companies
- rent from overseas properties
- wages, benefits or royalties earned outside the UK
Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign.
This means that Africans with landed properties on which they charge and collect rent, bank accounts and businesses back home but are residents of the United Kingdom are liable to these taxes
Specifically, the HMRC statement, states: Wealthy tax cheats with overseas property are now being targeted by a new 200-strong team of investigators and specialists?.
Provided you have been correctly following the tax rules of both the UK and the country where the property is located you should not have any problems. However, there are people who do not declare their overseas property and income to HMRC, so it is understandable why the authorities have decided to start this investigation.
Whether you need to pay depends on if you’re classed as ‘resident’ in the UK for tax.
If you’re not UK resident, you won’t have to pay UK tax on your foreign income.
If you’re UK resident, you’ll normally pay tax on your foreign income. But you may not have to if your permanent home (‘domicile’) is abroad.
I saw this post on the facebook wall of Tunde Alabi-Hundeyi, whom I call Uncle T, a former senior colleague from my days at Ogun State Television (OGTV) Abeokuta, Nigeria – and I knew immidiately it had to appear on my Guest Bloggers’ segment.
It is Uncle T, saying out loud what many of us are thinking about our young stars and celebrities today, whose main preoccupation seems to be the acquisition of – or the opportunity to have ridden in a private jet, the champagne lifestyle with as much foreign cash and women as possible.
While many of the images we see might be simple PR stunts and photo ops, these stars need to remember that many youngsters look up to them as some kind of role model and unfortunately, see their lifestyles as one to emulate.
It also gives the wrong imppresdion to up and coming artistes who might wrongly assume that the jet and champagne lifestyle is the reward of every artiste. The truth couldn’t be any further from this because not every artiste is going to have the success of Davido or Wizkid – who are still in the hey days of their carreer.
The next 20 years will determine if they are true evergreens.
Read Tunde’s article:
Have you noticed ?
All these young music stars now competing on who can best pose in a private jet with a glass of wine in hand and legs thrown out like they own the world.
Non and I mean non of you has earned in your entire career enough to buy 1/4 of the cost of the engine of a private jet.
What you should concentrate on now is how to invest. Eg in top of the line studios, concert arenas and hospitality, real estate etc
You should also pay attention to charity and giving back to society.
How many times you seen someone like FEMI KUTI pose in a private jet. His investment in Shrine is yielding global dividend now.
Same with his father Fela. Obey, Decross etc.
The reality of celebrity life is sometimes the lights in the hall dim earlier than you think or your fingers can no longer strum the guitar as it used to (courtesy Ed Sheeran)
Stardom just like sports celebrity doesn’t last forever.
Sunny Ade has the longest career in music at the top in Nigeria today but can you remember the thousands that have been forgotten. Yet they too had all those international record deals and concerts.
The images you should also use to inspire your generation should be different .
What you give back to the society also has a spiritual payday.
A word is enough for the …..
Tunde Alabi-Hundeyin is a veteran broadcaster, producer and the MD/CEO of Dudu Productions
Nigerian oil executive Wale Tinubu and his deputy at Oando Plc, Mofe Boyo, have been ordered by a London a court to pay $680 million in a dispute over corporate shareholdings.
The legal battle revolves around ownership of a holding company that ultimately controls a majority stake in Lagos-based oil and gas producer Oando, which is being investigated over claims of financial mismanagement and had its shares temporarily suspended last year.
The beneficiary of the payments is Ansbury Investment Inc., owned by the family of Nigerian-Italian businessman Gabriele Volpi, according to court documents.
Oando sought to distance itself from the ruling, saying in a statement that the company isn’t part of the arbitration and hasn’t been ordered to pay anything. Even so, the stock traded 9.5 percent lower at close in Lagos on Tuesday, extending a two-day decline to 18 percent.
The London Court of International Arbitration ruled that Ocean and Oil Development Partners, a company incorporated in the British Virgin Islands, owes Ansbury $600 million. OODP is a joint venture between Panama-based Ansbury and Whitmore Asset Management Ltd., owned by Oando Chief Executive Officer Tinubu and his deputy, Mofe Boyo.
Whitmore itself owes a further $80 million.
Oando emphasized that the $600 million is owed by the joint venture between Ansbury and Whitmore, which means that in a sense the former “owes itself.”
Oando is the largest listed energy company in Nigeria, Africa’s biggest crude producer, after Seplat Petroleum Development Co. Plc. It has interests in gas pipelines and fuel-retailing as well as oil and gas, according to its website.
“The company should continue on its part to educate investors and bring out more information about what exactly is happening,” Olalekan Olabode, equity analyst at Lagos-based Vetiva Capital Management, said by phone.
Separately to the ownership dispute, Ansbury last year made allegations of financial misconduct against Oando to Nigeria’s Securities and Exchange Commission, which in turn ordered a probe and suspended the stock. While the Abuja-based regulator lifted the trading ban in April, it continued with the investigation into the company.
A forensic audit of Oando officially started in March, the oil firm said in a separate statement. The company will cooperate with the SEC and update investors on any findings that could affect the share price, Oando said. The company stands accused of a range of offences, including insider trading and conducting related-party transactions that were not done at arm’s length.
Ansbury confirmed the court ruling in its own statement.
The colours and livery of the new national carrier Nigeria Air were today unveiled by the Nigerian Aviation Minister Hadi Sirika
According to the Minister, the new national carrier will create economic opportunities and jobs as it will be private sector-led and driven.
“This is an important day for Nigeria. Largest economy in Africa, largest population, GDP of around half a billion dollars, and the only true aviation player in West and Central Africa.
“Nigeria has unfortunately not been a serious player in Aviation for a long time. We used to be a dominant player, through Nigeria Airways, but sadly not anymore.
“This will be a National Carrier that is Private sector led and driven. It is a business, not a social service. Government will not be involved in running it or deciding who runs it. The investors will have full responsibility for this.
“The Nigerian Government will not own more than 5% (maximum) of the new National Carrier. Government will not be involved in running it or deciding who runs it.
Tha airline, according to the minister will commence full operation in Decembet 2018 serving 81 domestic, regional and international routes to begin with.
As if we have not been confused enough by all kind of conflicting reports and information over the years, scientists have come out with yet another conflicting study that says fatty foods is the ONLY cause of weight gain and carbs or protein play no part in our extra inches and pounds.
A story published in The Sun today claims that in a huge experiment, mice were fed varying diets over three months – the equivalent of nine human years.
They only piled on the pounds during the course of the fatty diets.
This is because the fatty food stimulated the reward centres in their brains.
Scientists from the University of Aberdeen and the Chinese Academy of Sciences undertook the largest study of its kind.
Since food consists of fat, protein and carbs, it has proven difficult to pinpoint exactly what aspect of the typical diet leads to weight gain.
Part of the problem is that it is very difficult to do studies on humans where what they eat is controlled for long enough periods to work out what are the most important factors.
But studies on animals that are similar to us can help point in the right direction.
The study, published today in the journal Cell Metabolism includes 30 different diets that vary in their fat, carbohydrate (sugar) and protein contents.
Professor John Speakman, who led the study, said: “The result of this enormous study was unequivocal – the only thing that made the mice get fat was eating more fat in their diets.
“Carbohydrates including up to 30 per cent of calories coming from sugar had no effect.
“Combining sugar with fat had no more impact than fat alone.”
He added: “There was no evidence that low protein, down to 5 per cent, stimulated greater intake, suggesting there is no protein target.”
And he said mice were ideal test subjects as they are similar to humans in the physiology and metabolism.
Current UK guidelines say men should eat less than 30g of saturated fat, and women 20g, each day.
Christ did not send us out to extort, manipulate, blackmail or instill fear.
Sadly & unfortunately, there is so much of those in our churches today. 😟😟😟
But Jesus already knew this would happen therefore it is not suprising that many eloquent, finely dressed scripture quoting preachers are out there.
Read what He said:
“Beware of false prophets, which come to you in sheep’s clothing, but inwardly they are ravening wolves”.
“And many false prophets shall rise, and shall deceive many”.
But it is the duty and responsibility of every Christian to be able to discern and distinguish the FAKE from the FAITHFUL.
As we are told:
“Beloved, believe not every spirit, but try the spirits whether they are of God: because many false prophets are gone out into the world”
1 John 4:1
CHRISTIAN, BE WISE!
Min Elder Olajumoke Ariyo
RCCG Good News Haven