Dual Contracts spell Double Trouble

Dual Contracts spell DOUBLE TROUBLE HMRC proposes new legislation on the taxation of dual contracts used by non-domiciles. In his autumn statement the Chancellor, George Osborne, announced plans to  curb tax avoidance using ‘dual contracts’. Dual contracts are a common technique where an employee working for an international employer has several contracts with different group…

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Draft legislation on the taxation of non-doms – more to come

The Government has released draft legislation to the UK domicile rules. The proposed modification follows the Chancellor’s recent abolishment of permanent non-dom status in last year’s Summer Budget. Finance Bill 2016 proposes the introduction of the concept of “deemed domicile” for income tax, capital gains tax as wells as inheritance tax for persons who were…

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Draft Legislation for the Extension of CGT to Non Natural Persons

13 February 2013 On the 5th December 2012, the Chancellor delivered his Autumn Statement. A week later the draft clauses for the Finance Bill 2013 were published. Notable by its absence was the draft legislation for the extension of CGT to non resident non natural persons (the “extension to CGT”), which had been heavily anticipated.…

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Draft Finance Bill 2012

The Draft Finance Bill 2012 was published on 6 December following the Chancellor’s Autumn Statement. For most non-doms the draft clauses signal good news, namely the simplification to their taxation as proposed in June 2011. However, on the downside, the delay to the long anticipated statutory residence test and the proposals to clamp down on…

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Don’t miss London’s flagship tax event: Transcontinental Tax March 8 & 9

Mark Davies is a speaker and a joint chairman of the London’s first in depth, technical flagship tax event. This inaugural event will cover the most crucial aspects of international tax planning including: UK Updates  CRS & the free movement of information for non-doms Changes to the taxation of non-doms and Brit expats returning home Changes to the…

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Devil’s in the detail of Non-dom reform, Mark Davies comments in STEP news

The UK government has issued a second consultation paper and draft legislation implementing its drastic reform of the tax system for resident non-domiciles (non-doms) in April 2017, as announced at the 2015 Summer Budget. The proposals mean that non-doms will no longer be able to mitigate UK inheritance tax on UK residential property through the…

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