A proof of wealth bible (“PWB”) is a bundle of documents containing (i) a description of how you legitimately acquired the money you used to purchase a property in the UK and (ii) relevant supporting evidence such as tax returns, evidence of gifts or inheritance, evidence of business gains, etc.

You may wish to prepare a PWB if (i) you have purchased or otherwise own a high value property in the UK (e.g. a house or flat in London) and (ii) believe you might receive an unexplained wealth order from a UK court, i.e. an order requiring you to provide, within a Court deadline, a statement explaining how you obtained the money you used to purchase your UK property.

Failure to provide such statement and relevant supporting evidence within the Court deadline without reasonable excuse may result in your property being seized by the UK authorities based on the assumption that the money you used to purchase it was not obtained through legitimate means.

Preparing a PWB in advance of receiving an unexplained wealth order would give you the peace of mind that, if you ever received such order, you would not have to scramble to put together the relevant information and collect all supporting documents under time pressure.

Unexplained wealth orders can be issued (among others) against (i) individuals who live outside the UK and (ii) individuals who have purchased their UK property through an offshore company.

Please do not hesitate to call us on +44 20 7502 6621 if you wish to find out more.

Disclaimer:  This article provides general information only.  It is not comprehensive and does not constitute the provision of legal, investment or regulatory advice.  FS REG is not responsible for any action taken or omitted to be taken on the basis of the information contained in this article.  © 2020 FS REG Limited (www.fsreg.com).  All rights reserved.