The polls show that Labour are likely to form the next UK Government. For individuals claiming the remittance basis of taxation in the UK that brings uncertainty as Labour want to abolish the non-domicile (“non-dom”) regime. What is the remittance basis of taxation? Ordinarily, individuals who are tax resident in the UK are taxable on…
DetailsDespite rising anticipation in the press over the last week or two, today’s Autumn Statement appears to have delivered very little of note for our clients and their advisers, as Jeremy Hunt and Rishi Sunak avoided the temptation to please voters with any significant changes, such as the abolition of inheritance tax or cutting of…
DetailsSpring Budget – Taxation no longer determined by domicile; what does that mean for you? Today was possibly this Government’s last chance to make a notable change to UK taxpayers’ finances before the UK heads to the poll stations later this year. Undoubtedly, the pressure was on as the polls and recent by-election results predict…
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”) …
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…
DetailsWith inflation rising and following the financial markets’ reaction to the not-so mini, mini-budget, Chancellor Jeremy Hunt’s Autumn Statement had to build global confidence in the UK economy once more. Put crudely, the tax-take had to increase and expenditure needed to decrease. At least the incumbent Chancellor couldn’t do any worse than his predecessor… After…
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