‘Making Tax Digital’ Mark Davies comments in FT Adviser

HM Revenue & Customs has revealed how businesses, the self-employed and landlords will be hit by plans to modernise the tax system.    Under HMRC’s plans to move recording and paying your tax online, most businesses, self-employed people and landlords will be able to keep track of their tax affairs digitally and update the document…

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HMRC plans to demand details of Offshore Trusts and companies from their Advisers

The Law Society has learned that HM Revenue and Customs (‘HMRC’) intends to write to firms that advise clients on the establishment of offshore trusts and companies, seeking information about beneficial ownership. The letter will precede a formal Notice under Schedule 23 Finance Act 2011, which will compel the recipient to provide information.    We…

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Inheritance Tax “surprise” Mark Davies quoted in the FT online

‘Bank of Mum and Dad’ loans to be liable for inheritance tax New tax rules to be significantly wider than expected. Plans to impose inheritance tax on the properties of wealthy foreigners have been extended to include the “bank of Mum and Dad”. Thousands of international families are likely to be hit by the unexpected…

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Non-Dom Reform – Latest Update

The government has announced that the taxation of non-domiciled persons (“non-doms”) will be reformed from 6th April 2017. Following this non-dom reform in April foreign domiciliaries who have been UK resident for 15 out of the previous 20 tax years will become deemed UK domiciled for all taxes.   Non-doms who are deemed UK domiciled will no…

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Mark Davies comments in International Investment on ‘deemed UK domicile’ scheme

Plans to go ahead with a new “deemed domicile” category for non-domiciled individuals who have been resident in the UK for 15 of the past 20 tax years, or if they were born in the UK with a UK domicile of origin, beginning next April, were confirmed today by UK chancellor Philip Hammond, with the publication of…

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Autumn Budget Statement 2016: Non-dom Update

Non-dom Reform – Autumn Budget Statement 2016  The Chancellor, the Rt. Hon Phillip Hammond, confirmed today that the proposed reforms to the taxation of UK resident non-domiciled individuals will go ahead in April 2017 as intended. This was revealed in today’s Autumn Budget Statement 2016  from HMRC although the Chancellor refrained from commenting on it in…

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