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Mercer & Hole’s comment: Now What for Non Doms?

Yesterday’s speech by Ed Miliband has certainly ruffled some feathers and produced a high level of media coverage. The media tends to oversimplify matters and it is not so easy to be regarded as non UK domiciled as they may portray. HMRC is more rigorous in determining whether an individual has become UK domiciled than they have been in the...

Date: 9th April, 2015   |   Author: Lisa Spearman   |   Comments: 0

Moving on to digital tax accounts

A radical step in the modernisation of the UK tax system is the announcement that digital tax accounts will be introduced with the intention that these will displace tax return filing obligations.  HMRC plan to make the new digitalised portal initially available to five million small businesses and ten million individuals by early 2016,...

Date: 19th March, 2015   |   Author: Modeten   |   Comments: 0

Annuity unlocking

There will be changes to annuities with a view to equalising the position with regards to the pension freedoms already made to income drawdown arrangements. From April 2016, individuals who have already purchased an annuity will be permitted to assign their annuity income to a third party in exchange for either a lump sum or an alternative...

Date: 19th March, 2015   |   Author: Anne McClean   |   Comments: 0

Where there’s a Will – there’s a way to change it

The use of a deed of variation (sometimes called a deed of family arrangement) is a long established practice which enables the terms of a Will to be altered by the beneficiaries after the death of the testator. If the appropriate election is made then currently the inheritance tax treatment of the will takes the variation into account. This means...

Date: 19th March, 2015   |   Author: Lisa Spearman   |   Comments: 0

The scope of Capital Gains Tax widens

1. CGT for non UK residents Non UK residents have, in general, been outside the scope of UK CGT.  With effect from 6 April 2015, non UK residents will be subject to CGT on the disposal of UK residential property.  Non UK residents include individuals, trustees and non resident companies and funds unless these are already caught by...

Date: 19th March, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

Something for savers to savour!

From April 2016, a new Personal Savings Allowance will mean that for basic rate tax payers the first £1,000 of savings income will be paid free of tax. For higher rate tax payers, the allowance is reduced to £500 and additional rate payers (45% tax payer) will not receive any allowance. Banks and building societies will no longer...

Date: 19th March, 2015   |   Author: Iain Muffitt - Financial Adviser   |   Comments: 0

Reduction in Pension Lifetime Allowance from April 2016

The Lifetime Allowance is the total amount which can be held within a pension scheme without incurring a tax charge when crystallising the fund or reaching age 75. If benefits are valued in excess of the allowance at either of these points, the excess monies are taxed at either 55% if taken as a lump sum or 25% if left within the pension...

Date: 19th March, 2015   |   Author: Michael Lapham   |   Comments: 0

Non UK Domiciliaries owning UK Property

It is well known that wealthy foreigners often own very valuable properties in the UK. If it is their main residence then buying in their own name is usually the most appropriate form of ownership but there are many other issues to think about including the UK tax implications. Funding the acquisition If the non domiciliary is bringing funds...

Date: 14th January, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

Buying Property for Children

In many parts of London, property price growth now means many young people cannot easily buy. However, the idea of giving large capital gifts to a young adult can be daunting. What if they sell the property and use the cash unwisely or what happens if they marry and the relationship breaks down? These and other potential pitfalls are some of the...

Date: 8th January, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

Taxation of Non Doms – increased cost of claiming the remittance basis

The Chancellor announced yesterday that the annual charge paid by non UK domiciled individuals to access the remittance basis of taxation will be increased for long term UK residents. The remittance basis of taxation is available to non UK domiciled individuals so that they are only taxable on their UK source income and capital gains and on...

Date: 4th December, 2014   |   Author: Suzanne Briggs   |   Comments: 0

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