Benjamin Franklin famously said that death and taxes are the two certainties in life. The residents of Monaco may disagree, but for most people tax planning is an integral part of investment management.
A book on investments ignoring tax would be incomplete. With state finances around the world in tatters, taxes are going to be a bigger, not smaller issue. New taxes will be introduced, either to close former loopholes or simply to raise revenues. And with the sentiment in the general population being one of anger towards banks and the wider financial community, taxes will probably go up for this sector and the products it offers. What this means in individual jurisdictions will vary a great deal, but as an investor it’s well ...