Tax And Wealth Analysis In The Era Of Technology: Dinis Guarda Interviews Alistdair Wilson Gough, Founding Partner Of 50 International

Dinis Guarda interviews Alistdair Wilson Gough, Founding Partner of 50 International, a collegiate that provides expert advice to clients dealing with intricate assets and interests, in the latest episode of his YouTube podcast. The two discuss the complexities arising in taxation, wealth building, and security due to rapid advancements in technology, and how technology is enabling a transparent system of tax analysis. The episode is powered by citiesabc.com and openbusinesscouncil.org.

Alistdair, a specialist in international tax and structuring advice, with extensive experience in resolving in Capital Gains Tax (CGT), Inheritance Tax (IHT) planning and other tax matters. As the founding partner of 50 International, he resolves a diverse array of tax and family-related concerns, ranging from treaty rulings effecting Inheritance Tax (IHT) to preserving anonymity in asset holdings. 

During the interview, Alistdair told Dinis that the world of tax is quite intricate, affecting almost every vertical of the business:

“In the world of tax, nothing stands alone. It affects visas, how many days you spent in a country, access to possible divorce, educational issues, and many more. All those factors make a strategy for what you are doing.”

It is this strategy, he says, based on detailed analysis of background and facts, that helps 50 International cater in a personalized manner for its clients. 

The services of 50 International include Visa and Passport matters, banking solutions, educational strategies, security and reputational issues, capital access, business fundraising, investor strategies, and more.

Complexities in taxation and compliance in the modern era of technology

With the rise of e-commerce, cryptocurrency, remote work, and the gig economy, it has become increasingly challenging for tax authorities to accurately capture and regulate economic activity. As such, there is a growing imperative for tax policies and frameworks to adapt, embracing innovation and automation to ensure fairness, efficiency, and compliance in an ever-evolving fiscal landscape.

“Because things are moving very quickly, there is a lot of energy that is shooting around in terms of de-enveloping the way of doing things and re-enveloping, but also understanding standards in terms of a democratic process where the voices are heard and engaged appropriately”, said Alistdair.

While the conventional taxation systems need to evolve, Alistdair also emphasised on the need for the people to contribute to this growth and build a secure world that facilitates building of wealth.

“Be aware of where we are. The growing innovation needs a whole new skill set of understanding, a reality of the world, where things attract this new technology and how can we build wealth and have security in this world”, he said.

50 International: Facilitating the tax analysis process

The tax analysis systems in the United Kingdom and Europe, Alistdair highlighted during the interview, are characterized by a comprehensive and intricate framework designed to manage fiscal responsibilities effectively. 

In the UK, taxation is governed by Her Majesty's Revenue and Customs (HMRC), overseeing a diverse range of taxes such as income tax, value-added tax (VAT), and corporate tax. The system is known for its adherence to strict regulations, an emphasis on self-assessment, and a robust infrastructure for tax collection. 

In contrast, the European Union's tax landscape is characterized by a complex web of national tax systems, each governed by its own set of laws and regulations. The EU, however, plays a significant role in harmonizing some aspects of taxation, particularly in areas like cross-border trade and competition policy. Both the UK and Europe prioritize compliance, fairness, and revenue collection to support their respective public services and economic development goals.

“Often start with something that’s very clear and simple. Don’t get too clever, because it is always complex and difficult, leading to the failure of your business. Monitor your business. When you put these basics in place, it doesn’t cost a lot”, he suggested.

50 International: Making an impact on a world grappling with the effects of climate change 

Alistdair highlighted that the rise in average global temperature of the Earth by 1.5 degrees changed from its initial projection from happening in 2050 to 2030. The rise in average global temperatures is ultimately leading to extreme weather events, such as more frequent and severe hurricanes, wildfires, and droughts, are becoming more commonplace and are attributed to changes in climate patterns.

Expressing his concern, he told Dinis:

“It’s the speed of change that is most concerning and most sobering. We get so used to climate change that the effects start becoming a noise in the background, while it is still hitting us in the face.

We can’t hide from this. It’s a challenge we are facing now, like any other challenge that has been faced by other generations. We are remarkable in our abilities once we start engaging with life. We will find an answer for it, surely, both in compliance with our lifestyle and adding value to it.”

Alistdair highlighted geoengineering as the possible solution to this problem. Geoengineering encompasses two very different things: reducing carbon dioxide levels from the atmosphere and reflecting excessive sunlight from Earth. The former method leads to trapping lesser heat, while the latter one causes lesser heat to reach the planet in the first place.

“We have no choice”, Alistdair tells Dinis. “We have to be gutsy and accept that there is risk and the only way we have is finding an answer. We have to use our intellect and abilities and we gave to check repeatedly and do the best we can, because we cannot continue where we are.”