Taxation of High Value Residential Property The Budget on 22nd March 2013 proposed a new annual charge and an extension of Capital Gains Tax to certain ‘non-natural persons’ owning residential property with a value in excess of £2 million, alongside an increase in the stamp duty land tax (“SDLT”) rates. Finance Act 2013 was granted…
DetailsAre you or any of your clients buying a UK residential property via a non-natural person (e.g. trust or a company etc) for £2m plus? If so be aware that from 1st October 2013 an ATED return and any tax due must be submitted and paid within 30 days of the date of acquisition. Those undeterred…
DetailsMark Davies helps Lucy Warwick-Ching to answer a vexing question:- I am a UK resident and pay tax on UK sources of income and gains. But because I’m not domiciled here I only pay tax on foreign income and gains if I bring those monies to the UK. I manage how I segregate my sources…
DetailsSRT – HMRC Guidance In force since 6 April 2013, the new Statutory Residence Test (SRT) will be receiving Royal Assent in July. HMRC Preparation In preparation for this welcomed change, HMRC have started the ball rolling by releasing new material so that taxpayers can get up to speed. This week a new webpage was…
DetailsEBT dividends to be chargeable under PAYE and NIC April 2013 PA Holdings Ltd (PA) has withdrawn its appeal to the Supreme Court regarding the decision by the Court of Appeal that dividends paid to the employees via an employee benefit trust structure were in fact bonuses and subject to both PAYE and NIC. The mechanism…
DetailsMark Davies of Mark Davies & Associates Ltd was recently interviewed by Finance Monthly and shares his thoughts on tax planning and policy affecting non doms. Read the full article here.
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