A tax update from Mark Davies & Associates Ltd Autumn Statement – 3 December 2014 George Osborne has delivered his final Autumn Statement before the General Election next year. As usual here are our comments directed at our non-dom clients and their advisers. Changes to the Remittance Basis Charge (“RBC”) Some foreign domiciled individuals, “nondoms”,…Details
Mark Davies comments in the Financial Times on Wednesday 19th November.
For more information on de-offshorization, click here.
Now that a photo can be shared globally by a quick tap on a phone the necessity to control access to your own image and its value has never been more urgent. Guernsey hosts the only service in the world where an image, mannerism or even a gesture can be registered ensuring that its reproduction…Details
Under the remittance basis UK resident but not UK domiciled persons, “nondoms”, can take advantage of an alternative basis of taxation, commonly called the remittance basis. Where the remittance basis is claimed foreign sources of income or gains are not subject to UK tax unless they are actually remitted, used or enjoyed in the UK. Borrowing…Details
Scots living south of the border may be able to claim non domiciled status if Scotland achieves independence.
Mark Davies comments in the Financial Times:
Recently, HMRC released updated guidance which clarifies the UK’s position on the existence of image rights, their assignment and the ongoing taxation of income derived from them. HMRC maintains that the concept of “image rights” does not exist in UK legislation and therefore tax treatment in relation to them is uncertain. HMRC considers that the…Details