Over the past week I have been asked by many journalists to comment on the tax affairs of Akshata Murty, the wife of Rishi Sunak. In this article I clarify the UK tax rules which underpin the controversy over her non-dom status. Domicile is matter of choice. There is an expression, “home is where your…
DetailsIf you have secured a debt on overseas assets, you need to read this. HMRC have decided that they will, once again, change the way they treat offshore income and gains that are used as collateral for UK debts. In the past, it was possible to borrow against your offshore income and gains, bring the…
DetailsHMRC have successfully challenged a taxpayer’s domicile of choice on death, such that the taxpayer was unable to benefit from the highly beneficial India-UK Double Tax Agreement (“DTA”). This article discusses how the First Tier Tribunal reached their conclusion and highlights the need to ensure that “intentions” can be substantiated on demand. Inheritance Tax (“IHT”) …
DetailsThis week The Telegraph reported on recent findings from the Institute of Fiscal Studies which calculates the UK tax burden to be reaching a 70 year high, prompting fears across the political spectrum, of an exodus of the mobile rich to more favourable tax jurisdictions. Further Tax Rises Loom – Mark Davies comments Mark Davies…
DetailsThe Pandora Papers were the biggest release of offshore data to date, involving the leak of millions of documents in October 2021 by a number of offshore financial service companies. Letters have been issued to some individuals named in the Pandora Papers Having taken time to review the leaked information, HMRC have now begun the…
DetailsThe UK’s Tier One “Investor Visa”, which gave wealthy immigrant investors the opportunity to live in the UK for an investment of £2 million and above in qualifying UK assets, was suspended without warning on the 17th February 2022, with immediate effect. Those persons holding the Investor Visa already, or those with pending applications, will remain eligible…
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