Blog « Tax Advisory Partnership

Mixed Fund Cleansing and Rebasing for Non-Doms – Effective from 6 April 2017

A written statement from the treasury has today confirmed that new tax laws withdrawn from Finance Bill 2017 will be legislated for in the Summer Finance Bill. All tax legislation intended to apply from the start of the 2017-18 tax year will still be effective from that date. What Does This Mean for Non-Doms? Legislation aimed at reforming the taxation of non-doms will be effective from 6 April 2017. See our earlier update for more details. The new legislation contains valuable transitional rules ... Read More

Non-dom paralysis

Uncertainty continues to abound regarding the status of the changes to the taxation of non-domiciled taxpayers, originally scheduled to take effect from 6th April this year. By way of a recap, the changes as intended were in summary to: automatically treat those born in the UK with a UK domicile as origin as 'deemed domiciled' in the UK whilst UK resident; also treat as 'deemed domiciled' any non-dom individual who has been resident in the UK for at least 15 of the preceding 20 ... Read More

Non-Resident Capital Gains Tax Penalties

Since April 2015, non-UK residents selling a UK residential property have been required to report the disposal to HMRC within 30 days of completion and pay capital gains tax on this as appropriate, or run the risk of incurring substantial penalties. These new rules are usually refered to as Non-Resident Capital Gains Tax and this blogs looks at penalties which are imposed by HMRC for non-compliance. See our full article on Non-Resident Capital Gains Tax here. What are the consequences if you ... Read More

FEU Tax at Edfringe is no joke!

"This blog considers the tax position for foreign entertainers in the UK and the special rules we have, often known as FEU Tax." Edinburgh Fringe is celebrating its 70th anniversary between 4th-28th August 2017. That’s quite a long time to have been the single biggest celebration of arts and culture on the planet! It’s well known that Edfringe can make or break an act, with a successful run leading to bigger and better things and it there welcomes an array of talent many ... Read More

UK – UAE Double Tax Treaty

We have many clients who have moved to the UAE and specifically Dubai in recent years, many of whom are pleased to know that the UK and United Arab Emirates ("UAE") Double Taxation Agreement ("DTA") was signed on 12 April 2016 and entered into force on 25 December 2016. Given a large part of the world consider the UAE to be a tax haven by virtue of it not imposing any form of direct taxation on most businesses and individuals, this is ... Read More

Offshore penalties and Tax Evasion

HMRC are continuing to increase the number of tools available to tackle offshore evasion and are taking an increasingly aggressive stance in relation to offshore matters. The government’s initiative to direct a further £60m to fund a threefold increase in the number of criminal investigations into serious and complex tax fraud is ongoing, and the enhanced penalties (see below) for undisclosed ‘offshore’ matters make it more important than ever for those with undeclared liabilities to take steps to regularise their tax affairs. HMRC’s ... Read More

Discrimination Settlements and Tax

You work hard for your employer, however throughout your employment you are discriminated against, due to your age and disability. Eventually you have had enough.  After a long process which resulted in your lodging a claim with the employment tribunal, your employer agrees to make an out of court settlement to compensate you for the discrimination you suffered. The discrimination payment is paid to you, however it is paid net of income tax. You question this and are told that because the payment is ... Read More

White House Reveals Tax Plans

Yesterday President Trump revealed plans to significantly cut the tax rates for both individuals and businesses.  There are few details of how and when these changes will be made but below are the headlines of what to expect. The focus of these changes is to cut the US individual and business tax rates and also to simplify the US tax code. The number of individual income tax brackets will be reduced from seven (ranging between 10% and 39.6%) to just three ... Read More

D Day is here for non-domiciled taxpayers..

The 2016/17 tax year has ended and the key elements of HMRC's Non-Dom reform are now in force. If you are a non-dom that has been claiming the remittance basis in the UK, or a non-dom that is now deemed domiciled by virtue of being a UK resident for 15 of the 20 years then it is important that you take steps to optimise your tax position, utilising the valuable transitional rules which have been introduced as part of the non-dom reform. If ... Read More

UK Property and Non-Resident Capital Gain Tax

We advise non-resident clients on how to manage their UK capital gains tax (CGT) position. Individuals who are not resident in the UK are generally exempt from CGT on gains made on the disposal of their UK assets. However, since 6 April 2015, gains made by non-residents on the disposal of UK residential property will become chargeable to UK CGT. Who is taxable? Any of the following who own and dispose of a UK residential property: An individual who is not deemed to be ... Read More
Page 1 of 1912345...10...Last »