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Tax Plus Blog

Too good to be true – generally yes

The Financial Conduct Authority (FCA) is urging over 55s to take their time to check that investment ‘opportunities’ are legitimate before they hand over their money. This comes as new research by the FCA reveals a fifth (22%) of over 55s, with above average incomes, suspect they were targeted by a fraudulent investment scam in the past...

 

Date: 21st December, 2016
Author: Anne McClean


Offshore trusts: the changing tax regime

Many individuals who are affected by the new deemed domicile rules will have created offshore trusts to keep non UK property out of the scope of UK Inheritance Tax (IHT). Often the settlors of these trusts will have retained an interest in the assets however up until now the remittance basis has offered protection from UK tax on any income or gains...

 

Date: 15th December, 2016
Author: Lynsey Lord


The good news part 2:  Identifying clean capital in a mixed account

Mixed foreign account ‘cleansing’ Although we advise on segregation of accounts for non domiciliaries this is not always easy or possible to implement in practice. Non domiciliaries may find that – over time – although they have clean capital, they cannot readily access it to remit to the UK because the tax rules treat...

 

Date: 15th December, 2016
Author: Alice Steidl


The good news part 1: Capital Gains Tax (CGT) rebasing

HMRC recognise that the new rules for non domiciliaries are punitive and, to soften the blow, they have proposed to offer two clear opportunities: In this article we look at the first being rebasing. CGT rebasing Individuals who will become deemed domiciled in April 2017, because they have been resident for 15 out of the previous 20 tax...

 

Date: 15th December, 2016
Author: Lisa Spearman


The boomerang effect

A particularly significant announcement that will shortly be effective from 6 April 2017, affects those individuals born in the UK with a UK domicile of origin and makes them deemed domiciled for all taxes for any periods they are resident in the UK. This will typically affect those who were born in the UK to UK domiciled parents, who have...

 

Date: 15th December, 2016
Author: Henry Lowe


Overview: those affected by the new non dom tax regime

In summary, the new regime will affect the following individuals: Those who were born in the UK with a UK domicile of origin, but have subsequently left the UK and acquired a domicile of choice elsewhere before resuming residence here. Those who are foreign domiciled but have been resident in the UK for 15 or more of the previous 20 tax...

 

Date: 15th December, 2016
Author: Alison Palmer


Autumn Statement 2016 - A few personal tax issues

Some of the bullet points of interest include: An increase in the personal allowance to £11,500, and the higher rate threshold to £45,000 from April 2017 A promise that the personal allowance is destined to rise to £12,500 and the higher rate threshold to £50,000 by the end of the current Parliament The withdrawal of...

 

Date: 25th November, 2016
Author: Martin Coulson


Autumn Statement 2016 - Financial Planning round-up

Several key changes will be introduced to the savings products available to individuals. I have outlined below the details of these updates and their impact. Individual Savings Accounts (ISAs) Every UK resident has an annual Individual Savings Account (ISA) subscription limit including children who can invest through Junior ISAs (JISAs) and...

 

Date: 25th November, 2016
Author: Michael Lapham


Autumn Statement 2016 - Benefits in kind

Many employees enjoy a range of benefits as part of their remuneration package. In some cases they are able to select which benefits they want to take in exchange for giving up part of their salary. This has traditionally resulted in savings in national insurance contributions for both parties and less tax for the employee. The tax position on...

 

Date: 25th November, 2016
Author: Gill Tallon


Update on the Annual Tax on Enveloped Dwellings (ATED)

As highlighted in Alison Palmer’s article within this Property Plus publication, we are already aware that the protection from UK IHT with the use of a non UK company to hold UK residential property will be removed. However it does trigger the need to question the overall costs versus the benefit of such a company. Where ATED is charged and...

 

Date: 17th June, 2016
Author: Liz Cuthbertson


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